This visualisation was possible thanks bitcoin Visualization blockchain. This won’t work with that scriptblocker enabled. How it works On this page we quickly explain how to use this service.
For in-depth information see “How it is built? Getting Started It takes up to 10 seconds to fully load the charts, so be patient and watch the progress indicator in the top right corner near the logo. Free and Paid service Although full data set of indicators is provided in paid version, we provide limited set of indicators and delayed arbitrage charts free of charge to give an idea of what you can get as a paid customer. Signing In To subscribe, you need to login first.
We don’t use passwords as social login is more secure. Go to “Login and Subscribe” tab and use your Twitter, Facebook or Google account to login. First Payment When your status becomes “Logged in as “, go to Configure tab, click you subscription plan button and send exact amount of BTC to that assigned bitcoin address. It usually takes from 30 minutes to 1 hour to activate your subscription.
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Wait for some time and reload the page. Check Configure tab to see if your subscription was activated. Using Charts Time synchronization Charts are ordered to display indicators synchronously. So you can analyse price movements with corresponding changes in orderbooks and trading volumes. Out You can use mouse to increase detalization of the chart. Just drag part of the chart to zoom in and double click to zoom out. Try several times to play with it.
Also you can use zoom window on the last chart. Different volume means different prices and different behaviour. Arbitrage tables Arbitrage tables are calculated depending on BTC volume. They are recalculated every 15 seconds.
In details you can read further “Arbitrage tables” tab explanation. Business Experiment From the very beginning we assume this service as a business. The idea of this business experiment must be supported by customers in order to give us financial signals and incentives to further develop and improve the service and help grow overall understanding of the Bitcoin market among users and traders, and thus improve the bitcoin free market experiment itself. Thank you for your trust Regardless of whether you are a guest or a paying member of our site, we value your attention. We think that Bitcoin has value. That is why we started this project. Our project is a business and as an all-new entrepreneurial idea it is an experiment, as it is Bitcoin itself.
What does it mean for you as for users and customers of the business service which is in its early establishment state? It means that from the very beginning you will experience all problems we will have, especially technical. The only excuse we have is that Bitcoin technology itself is in its infancy and we hope for your understanding and generosity. From our side we pledge our time and efforts to provide you with a service more valuable for you than the amount of Bitcoins you spent on it.
Below is a brief explanation of technical details. We decided to focus our efforts on USD exchanges: mtgox. The collector allows us to add new exchanges without technical difficulties. We plan to add non USD exchanges at some point in the future. Trading information is requested from bitcoincharts. Normally trading data propagates almost instantly as trades are executed. So sometimes parts of the charts are recalculated, resent and redrawn as data for old trades arrived.
Currently we display only 24 hours of data with 15 seconds granularity, but we plan to add a 2 months view with 15 minutes granularity soon. Real Time Charts Visualization – Client part The web site is technically a one-page web application – it means we don’t have page reloads so you can switch between charts instantly to compare them. Chart drawing is slow on netbooks, but our measurements show there is space for improvements, so zooming and panning will get faster over time as our service matures. We see our website as an analytical tool that visualizes trading activity on exchanges. To add details, we distinguish between sides of a trade when it makes sense.
This means splitting of market activity into buying and selling and into liquidity supply and liquidity demand. Each pair is calculated depending on predefined trading volume. To have various focus of analyses there are a set of predefined trading volumes of 10, 100, 1000, 10000 and 100000 BTC. To switch between different exchanges and between predefined trading volumes two independent controls can be used to focus attention on one exchange and one trading volume scale at a time. USD Ticker The ‘allUSD’ ticker is a consolidated view of all exchanges. The indicators are calculated for allUSD the same way, as if it was a real exchange. The order book of this composite exchange is just a standard consolidated limit order book compiled of all supported exchanges – that is, limit orders on all exchanges joined together and ordered by their respective limit price.
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The consolidated trade stream is just trades on all exchanges joined together and ordered by execution time stamp. The computed charts for allUSD provide insights of what happens at Bitcoin market as a whole. For the first time it is possible to see how activity on any particular exchange differs from the market in general. Without saying that consolidated order book can show which arbitrage opportunity actually available depending on trading volume of the whole market and how it changed over time. For 10000 it almost always is, but if you want to trade less than 100 BTC, the best available price is almost certainly a second-grade exchange having enough volume.
In most cases the benefit from selecting the right exchange and the right trade execution strategy financially outweighs our moderate subscription cost – so if you trade Bitcoins often, think of supporting us, so we can develop more visualizations and analytical tools and add more exchanges. Illiquid markets Bitcoin markets are illiquid markets with relatively low volumes where price for market orders varies significantly depending on demanded volume. Implying illiquidity of bitcoin markets, traditional tickers of best bid and ask prices are not relevant for practical trading. To help assessing price for the given volume of bitcoins, exchanges provide with so called Level 2 Market Data, including full anonymized order books. It is now possible to answer the question what is market price of the given order volume.
Bitcoin exchanges have somewhat non-standard notion of market order. They assume that market order allows one to buy given volume of a financial instrument at its current price. However, a widely accepted definition is that market order buys you a given volume at its best available price without respect to the price. However, with current implementation of market orders when you choose to place a market order, you are suggested current price, which is not what you will actually get. We checked all of the 12 which declare an MKT capability.
So our system provides MKT Execution Price chart. Then we divide total BTC by total USD, get the actual market price for a given volume and display how it varies with time. Note that the system also accounts for limited volume of order books. Sometimes you cannot trade 1000 BTC at all because there are not enough offers from liquidity suppliers. Sometimes you can, but most of this 1000 will be spam orders at very unattractive prices.
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Our idea is to calculate such market price for pretty arbitrary a set of volumes: 10, 100, 1000, 10000 btc. We assume that although for practical trading prices for different volumes have to be calculated, these selected volumes allow quick analyzes of the prices distribution and volume capacity on the given market. Bid and Ask separation Additional step toward Level 2 Market Data implies a possibility to analyze market activity separately for buyers and sellers. Thus separating dynamics of bid and ask allows deeper understanding of the market.
Liquidity Suppliers and Liquidity Demanders Traders perform two different roles with regard to liquidity. Depending on the current role of the trader his goals will differ as well as his behavior. Activity of Liquidity Suppliers Currently we assume two main indicators which illustrate activity of liquidity suppliers. USD A market can be considered as two groups of traders standing in front of each other. On one side there are buyers who have USD and want to buy BTC. On the other side there are sellers who have BTC and want to sell them for USD. Thus current order book volume can be measured by summing up all USD on the buyers side and all BTC on the sellers side.
It is their dynamics which can be considered activity of liquidity suppliers. Note that special care should be taken to separate ‘real’ data from ‘noise’ and ‘spam’. Let’s say you want to sell 1 BTC for 1,000,000 USD and place such limit order. The order book volume is certainly not 1 million dollars – these dollars are an illusion which materializes only when the order executes.
And in this case the order will never materialize because of such a grandiose price. In contrast with traditional exchanges, bitcoin exchanges do not require high entry price for a trader. Both groups will ask different questions about the price prevailing on the current market depending on preferred order amounts operated by the trader. Buyer will be interested in current market price to buy 10, 100, 1000, 10000 amount of BTC depending on his strategy and financial resources at hand. The same will be with Seller who will be interested in current market price to sell 10, 100, 1000, 10000 BTC. Order books provide us enough data to calculate bid and ask prices for given BTC volumes. Gathering historical bids and asks for given BTC volumes, allows to analyze price valuations distributed in time and depending on the BTC volumes available for trading.
Thus activity of liquidity suppliers can be further illustrated. Activity of Liquidity Demanders Our understanding of the market will be incomplete without knowing activity of liquidity demanders. Contrary to the activity of liquidity suppliers, which can be gathered from order books, volumes of BTC trades actually executed on the exchange represent activity of liquidity demanders. What actual trading activity pattern prevailed recently on the market? At any given moment selling activity can prevail, and at the next period of time buying activity can prevail. What actual amounts of BTC prevail in the current selling or buying activity?
Let’s take 10 BTC volume for analysis. If we take a look on Mtgox charts we can see that it has relatively high trading activity in volumes of 10 BTC or below. This is an experimental indicator which we assume can show what variety of indicators in general can be provided by our service. It is easy to imagine that if in general on the market small traders activity is prevailing over big traders activity then we can expect that relatively small volumes below 10 BTC will be traded much frequently than bigger amounts of 1000 BTC and above.
The same indicator can be used to compare trading activity among different exchanges. Let’s again take 10 BTC volume for example analysis. Then we stop summing and calculate the whole amount of USD was traded against last 10 BTC. Also for any given period of time and market state this indicator can be significantly different, it still allows us make a comparison between different trading activity, depending on volumes and between different exchanges. This is a standard indicator which as actually does cannot be differentiated by the predefined volume and its only difference as with all our indicators is separation between volumes sold and bought on the current market. Sells and Buys Separation Currently bitcoincharts.
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Although we know that mtgox provides trade type in its experimental websocket api interface, we decided not to implement it for the first stage of this service for several reasons. Websocket interface is provide only for mtgox, and until recently it had issiues with reliablity. On the next stages of development we consider using weboscket interface. It doesn’t display an opportunity if there’s too little volume offered at a pair of exchanges.
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You can see our arbitrage table shrinking as you increase the volume. For example, only 3 exchanges have 10k BTC in their order books: btceUSD, cryptoxUSD and mtgoxUSD. It displays market order execution prices for corresponding volume instead of best prices. 3, it doesn’t mean that you can buy or sell 1000 coins at that price. Our arbitrage calculator accounts for that by going deeper in the orderbook than best price and displaying you the real volume weighted average price between several orderbook entries.
At the top of the table you see best available execution price for the lot. You can use the percentage as a measure of bitcoin markets efficiency. The square is usually orange – so best bid usually is higher than best ask because of inefficiencies! But it’s rather hard to capitalize on this difference as it requires a complicated execution strategy and will probably be eaten by different fees. The free version of arbitrage table is delayed by 6 hours – it shows quotes 6 hours from now. Good luck in your profit seeking! Log in using OpenID authentication Please use your existing OpenID to log in.
If you do not have one you can learn more and register using one of many existing trusted OpenID providers. We will not ask your personal data and will not send you any email. To log in just click your OpenID provider icon and type your OpenID into form field if applicable. Note: Please take into account openid. If you experience any problems with openid sign in please let us now.
Manage subscription flexibly You can now manage your subscription budget flexibly and accordingly to your needs. There are 1 day, 1 month and 2 months subscription plans. How to subscribe and pay When you are ready to pay, select your prefered subscription plan clicking the button. At this moment your bitcoin address will be generated. Use it to add funds to your account.
How long will it take to activate? All of the World’s Money and Markets in One Visualization Enjoy this graphic? That’s why visualizing things spatially can give us a better perspective on money and markets. This infographic was initially created to show how much money exists in its different forms. For example, to highlight how much physical cash there is in comparison to broader measures of money which include saving and checking account deposits. Are the abstractions created by Central Banks really money?
What about gold, bitcoins, or other hard assets? It’s a way of simplifying a complex universe of currencies, assets, and other financial instruments in a way that people can understand. In between those two extremes, we’ve added many other familiar measures, such as the GDP of California, the value of equities, the real estate market, along with different money supply metrics to give perspective. A visually pleasing, but enlightening new way to understand the vast universe of global assets.
About the Money Project The Money Project uses intuitive visualizations to explore ideas around the very concept of money itself. Jeff Desjardins is a founder and editor of Visual Capitalist, a media website that creates and curates visual content on investing and business. Subscribe to get daily visuals on money and investing. Bitcoin Resources Bitcoin is a revolutionary system that is quite complex and has a high learning curve. Make sure you have a decent grasp of the system before you store a significant amount of value in it. You’ll note that there are a variety of options. Note that it is NOT recommended that Bitcoin newcomers use the Bitcoin Core wallet.
The Core wallet is much more resource intensive than other wallets and will not function properly unless it is running constantly on an active Internet connection. Is this happening to you frequently? Please report it on our feedback forum. The IMF Press Center is a password-protected site for working journalists. By Ann Mari May, David Kucera, and Mary G.