CRYPTO NEWS AGREGATOR
Wed, Nov 10, 2021 6:03 PM by Max E.

Coinmarketcap Review: The Largest Crypto Statistic Portal

Coinmarketcap Review

In this CoinMarketCap review, we will look at the largest information and statistical web portal about cryptocurrencies traded on crypto exchanges.

The cryptocurrency market is very dynamic. Prices of digital assets can both skyrocket and fall in minutes, so it is important to constantly keep your finger on the pulse and be aware of all the changes taking place in the field of crypto finance. How to do this?

The CoinMarketCap website (https://coinmarketcap.com) contains all the information a crypto trader needs. The site address is well known to many traders and investors since it is its pages that they first look at to find out the exchange rate, the number of coins, the dynamics of the development of coins, the position in the rating, and other accurate data about any cryptocurrency project. 

Let's figure out what information can be obtained on the site and how it can be useful for those who trade cryptocurrency.

History And Team

The CoinMarketCap portal appeared on May 1, 2013. The American programmer Brandon Chaz was the creator of the web resource. According to him, the concept of creating such a service was born from the understanding that the market at that time did not have a ready-made tool for comparing the scale of trading, not to mention world ratings. Chaz decided to fix this situation with a group of like-minded people.  

Over the 6 years of operation, CoinMarketCap has been supplemented with many auxiliary tools for the study and analysis of the cryptocurrency market (market capitalization and dominance charts, as well as a currency converter, blockchain explorer, cryptocurrency calendar, etc.).  Plus, the online portal is launched from mobile devices based on iOS and Android, offering a slightly simplified version of the desktop Internet resource. 

CoinMarketCap developers aim to provide customers with the most accurate and detailed information about cryptocurrencies, and for the reliability of the information, the team of creators has to comply with the position of anti-censorship and neutrality. 

In addition, the developers state that they do not charge for the integration of new coins into the CoinMarketCap list, but transfers to electronic wallets that are indicated at the bottom of the portal, are regarded only as donations – donations, respectively, can not affect the ranking of cryptocurrencies in any way.

It is interesting that CoinMarketCap does not update information until the creators of the coin/exchange will not provide specific evidence to post the requested changes. Sometimes even official requests from teams and/or technical documents are not enough to meet all the verification conditions: information may be irrelevant, and data on the volume of tokens in circulation may be in doubt.

Overview Of The Interface Of The CoinMarketCap

CoinMarketCap's website interface is simple and straightforward. In the center of the top line, there is information about the total market capitalization, the total trading volume per day, and the share of Bitcoin in it. In the upper right corner, you can select the language and the currency to display.

In the upper left corner, there are two menu items – Cryptocurrencies and Markets. 

The first shows the total number of cryptocurrencies in the world. That is, at the time of this writing, there are 6526 types of virtual coins. 

The Markets field displays the total number of cryptocurrency exchanges where digital assets can be bought or sold. If you click on the numbers, you will be taken to the corresponding section, where all of the possible cryptocurrencies and all kinds of exchanges are displayed. In the second case (clicking on the Markets field), the list items are sorted by asset type. 

Cryptocurrencies with the highest trading volume in the last 24 hours are displayed first. The table consists of five columns. In the first one, you see the exchanges on which the digital asset is present. In the second – the name of the pair (symbol) on this site. When you click on it, you will be taken to the official resource of the crypto exchange. Next are the trading volumes, the price of the coin and the dynamics of its change per day.

When choosing a site for work, we recommend choosing one of the options from the first five of the list. This includes the most popular companies with a large number of buyers and sellers, which provide the exchange with the maximum trading turnover. 

By clicking on the name of the crypto exchange, you will be taken to its page within the project. The window contains information about the total capitalization of the exchange in the selected currency (in the example, in dollars) and in Bitcoins.

Below is the site address of the site and its contact information on Twitter. Next is a list of all cryptocurrencies available for trading, names of pairs, trading volumes sorted in descending order, coin price, volume dynamics and update time.

If you click on the Cryptocurrencies field on the CoinMarketCap website, a list of all cryptocurrencies in the world will open. You can choose digital coins only, tokens only, or both. The data is presented in the form of a table.

In this window, you will see the symbol of each cryptocurrency, its total capitalization, the number of available coins, trading volumes, price dynamics per hour, day, week. There is a filter just above the table, by adjusting which you can display assets with a certain price range and a certain trading volume.

When you click on the name of a cryptocurrency, its card will open. Here is the most complete information on the asset, namely a list of all exchanges where it is traded, historical data, price chart for the period, the number of existing coins, and links to news about the asset.

Main Menu

The main menu of the CoinMarketCap site consists of four items –  Market Cap, Trade Volume, Trending, Tools. It's not even a menu in its usual form, but a display settings filter. Let's consider each item in more detail.

Using the Market Cap field, you can sort the items in the list by type. You can choose only tokens or only cryptocurrencies. By default, all assets are displayed. Cryptocurrencies and tokens can also be sorted –  select unavailable for mining, top 100, etc.

The Trade Volume tool on the CoinMarketCap website is designed to sort cryptocurrencies and cryptocurrency exchanges by trade volume categories.

There are only three items in the dropdown list – 24 Hour Volume Rankings (Currency), 24 Hour Volume Rankings (Exchange), Monthly Volume Rankings (Currency). The first one must be selected if you want to sort currencies in descending order of the trading volume for the last day. The second does the same, but with exchanges. 

Below is a complete list of exchanges in descending order of capitalization. There is also a filter here – you can select exchanges with commission (Markets with Fees) and exchanges without commission (Markets with No Fees). 

The Trending menu item contains two sub-items – Gainers and Losers, Recently Added. If you choose the first option, you will receive a table of leaders and outsiders of the market in terms of price growth and price reduction, respectively. When you select the second item in the list, a table of new, recently created cryptocurrencies will be displayed. 

The last item of the Tools menu on the CoinMarketCap website contains four sub-items – Global Charts (shows different types of charts), Historical Snapshots (here you can see prices of any cryptocurrency any day in the past), Website Widgets (widgets for websites), Currency Converter Calculator (currency converter). 

Advantages of CoinMarketCap

 Advantages of CoinMarketCap include:

  • Statistical tools that are regularly updated. 
  • Obtaining up-to-date information from a large number of exchanges on various coins. 
  • An abundance of additional tools may be useful to members of the crypto community. 
  • Possibility to customize the platform for different languages and currencies. 
  • Constant work on the development and introduction of new algorithms for ranking digital currencies and exchanges. 

As for the shortcomings, CoinMarketCap has no significant ones. Some users from time to time mention software failures in the rating lists, for example, in the form of a short-term disappearance of bitcoin from the first line or a sharp change in the rank of individual tokens by 500+ positions. But few people manage to notice such errors, moreover, they are quite rare and are promptly eliminated by the development team. 

You can also note the absence of a paid version of the site with disabled ads, as indicated by many users. The developers of CoinMarketCap have not yet implemented such an opportunity, but this is easily solved by inserting anti-advertising extensions like AdBlock into the browser.

What Is The Use Of CoinMarketCap For A Trader? 

There are many uses of the information that can be obtained on the CoinMarketCap website. For example, everyone knows that prices for the same assets differ on different exchanges. This is not Forex, where arbitrage strategies are a thing of the past. In cryptocurrency trading, you can still buy cheaper on one exchange and immediately sell at a higher price on another. 

Professional crypto traders recommend starting every morning with a market analysis on the CoinMarketCap website. You will see which currencies have collapsed in price, how the trading volume has changed per day. This information will save your money from irrational investments and will allow you to approach cryptocurrency trading fully armed.

FAQ

Is CoinMarketCap legal?

CoinMarketCap is a completely legal platform. Since 2013, the main task of CoinMarketCap is to provide users with the most accurate information about cryptocurrencies. The company says its commitment to neutrality, anti-censorship and data integrity plays a significant role in the site's popularity.

How does CoinMarketCap make money?

Like many other websites, CoinMarketCap uses a business model that is based on selling ad space. In addition, the resource uses AdSense and Google AdWords tools to make money on website traffic.

Is CoinMarketCap free?

CoinMarketCap is free to use, but payment is necessary to get access to additional API functions.

Where is CoinMarketCap located?

CoinMarketCap is headquartered in Dover, Delaware, USA.

Who runs CoinMarketCap?

Brandon Chez is the CEO of CoinMarketCap.

Who is the owner of CoinMarketCap?

Since April 2020, CoinMarketCap has been owned by Binance Holdings Limited, a blockchain company behind one of the world's largest cryptocurrency exchanges, Binance.


The content of this article is for informational purposes only.

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