Bitcoin is one of the most popular digital currencies in the world. It has been gaining a lot of attention, especially in the finance industry, due to its decentralized and secure nature. One of the best ways to keep track of the bitcoin price is by using Microsoft Excel. In this article, we will explain how to get live bitcoin price in excel.
Step 1: Choose a Bitcoin API
The first step in getting live bitcoin prices in excel is choosing a reliable bitcoin API. An API is a set of instructions that allow different software applications to communicate with each other. There are many bitcoin APIs available, but some of the most popular ones include:
– CoinMarketCap API
– CryptoCompare API
– Binance API
CoinMarketCap API is one of the most reliable and widely used APIs for getting live bitcoin prices. It provides real-time price data for all major cryptocurrencies, including bitcoin, ethereum, and litecoin.
Step 2: Install the API
Once you have chosen your preferred API, the next step is to install it. Installing the API varies depending on the provider, but most APIs provide detailed instructions on how to install them.
For example, to install the CoinMarketCap API, you need to sign up for a free account, create an API key, and then use the API key to access the price data. The API key is a unique identifier that allows you to access the data provided by the API.
Step 3: Access the API in Excel
With the API installed, the next step is to access it in Excel. There are different ways to do this, but the easiest way is to use the WEBSERVICE function in Excel.
The WEBSERVICE function is a built-in function in Excel that allows you to access data from the internet. To use the function, you need to enter the URL of the API endpoint and the API key.
For example, to get the live bitcoin price using the CoinMarketCap API, you need to enter the following formula in a cell in Excel:
Replace “YOUR_API_KEY” with your actual API key. Once you have entered the formula, press Enter, and Excel will retrieve the live bitcoin price data from the API.
Step 4: Parse the Data
The data retrieved from the API is in JSON format, which is not easy to read in Excel. To make the data readable, you need to parse it using the built-in JSON parser in Excel.
To parse the data, you need to use the following formula:
Replace “cell” with the cell containing the JSON data retrieved from the API. The formula uses the FILTERXML function to extract the bitcoin price from the JSON data.
Step 5: Update the Data Automatically
The final step is to update the data automatically. To do this, you need to use Excel’s automatic data refresh feature.
To enable automatic data refresh, go to the Data tab in Excel and select “Connections.” Select the connection that you created for the API and click on “Properties.” In the “Connection Properties” dialog box, select “Refresh every” and enter the number of minutes that you want to refresh the data.
Getting live bitcoin prices in Excel is an easy and convenient way to keep track of the cryptocurrency market. With the right API and a few simple steps, you can retrieve real-time bitcoin price data and parse it in Excel. This makes it easy to analyze the data, create charts and graphs, and make informed investment decisions.