Oct 11, 2022
Despite continuous claims that yet another Crypto winter is coming, we are seeing growing interest in the Crypto API we launched earlier this year.
This is one of the reasons we are enhancing the service to provide more value and functionality to our clients. Specifically, this enhancement will provide exchange level quote granularity. Unlike equities, cryptocurrencies do not have one “primary exchange” where they trade, rather there are many platforms or exchanges in which investors can trade the same cryptocurrency. Previously, XigniteCrypto only provided “aggregate prices” for crypto currencies. This means that the quotes and prices provided were volume weighted aggregate prices from multiple exchanges-each trading the same coin.
For some clients, this can be limiting because cryptocurrencies can track at different prices per exchange due to varying fees, trade volume/liquidity, the lack of a standardized price, and inefficiencies in trading across platforms. During periods of high volatility, accurate prices matter more than ever. To solve this problem, XigniteCrypto now provides exchange-level quotes via two new endpoints, GetExchangeQuotes and GetExchangeHistoricalQuoteRange. These new endpoints let users request price data from specific cryptocurrency exchanges supported by the API. You can get the list of supported exchanges using the ListExchanges API.
The main goal of these new endpoints is to provide better flexibility and control for users tracking cryptocurrency prices. For instance, some traders may prefer one specific exchange over another and these new endpoints allow users to track the exact trading patterns they are interested in. Other traders could compare exchange level market pricing and volume to make better execution decisions. Another example is that some traders may choose to access data from centralized or decentralized cryptocurrency exchanges. Centralized exchanges use order books and act as a third party intermediary while decentralized exchanges allow for peer-to-peer trading and rely on a smart contract rather than an intermediary. Whatever your specific trading requirements, XigniteCrypto now gives you the flexibility you need to access the prices and quotes you prefer.
The new endpoints are already available in the XigniteCrypto API. Existing customers can now access GetExchangeQuotes and GetExchangeHistoricalQuoteRange without any additional subscription or fees. You simply need to integrate these new endpoints into your implementation in order to begin using them.
Happy crypto trading and don’t let that winter slow you down.
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