In this article, I’m going to use the FMP crypto API to automate some analysis. The goal is to show you how to make data-driven decisions based on public crypto data online. Let’s dive in.
1. What is the FMP API?
The FMP APIs are a set of APIs that I’ve used in the past for stocks to get realtime and historical data about markets. Usually, I use them to build predictive machine learning models.
Recently they’ve developed a new endpoint for cryptocurrencies:
As you can see the API returns the list of cryptocurrencies with interesting data like the tokens average price of the last 50 and 200 weeks:
2. How to use the API?
First of all, get yourself a free API key here:
And then call that URL after replacing YOUR-API-KEY by the key you just created:
3. A Use Case Example: Find Very Undervalued Tokens
I wrote a python script that looks for tokens 70% undervalued compared to the their average price on a long period of time:
response = requests.get("https://financialmodelingprep.com/api/v3/quotes/cryptoapikey=your-key") for crypto in response.json(): try: ratio = crypto["price"]/crypto["priceAvg200"] except ZeroDivisionError: continue if crypto["price"]/crypto["priceAvg200"] < 0.3: print(crypto["name"])
The results of that script gives a list of undervalued tokens based on their past average price:
DigixDAO USD ICN-USD FairCoin USD SingularDTV USD FirstCoin USD Zenon USD HighPerformanceBlockchain USD Stakenet USD CUTcoin USD PACGlobal USD DigitalNote USD Compound USD Ouroboros USD Helleniccoin USD Myriad USD TrueChain USD Asch USD Crust USD EurekaCoin USD OrientWalt USD NuBits USD AdvancedInternetBlocks USD Electra USD Nyzo USD YOYOW USD Massnet USD TurtleCoin USD Phore USD ODUWA USD Molecular Future USD Smooth Love Potion USD Bit Financial USD
This is in no way a recommendation. Also, the list of tokens is not complete yet as this is a new feature. However, it’s an example of a cool little use case you can develop yourself based on APIs. It’s also a good tool to get your on-chain data (in the future or using other APIs) and build investment plans based on analytical thresholds that you define depending on your risk appetite.
Use crypto APIs. They’re everywhere and allow you to be programmatic while applying criteria to your crypto search. By combining requests to a crypto API, you can automate your investment plans and disconnect your emotional brain when you invest.
Thanks for reading.
Disclaimer: this is not financial advice