In this article, I will discuss the CoinMarketCap which is among the most used tools for tracking cryptocurrency market data.
Thousands of cryptocurrencies have their price updated by CoinMarketCap, together with market capitalization, volume and historical data.
This platform is also versatile as it enables portfolio tracking and news aggregation, thus proving to be useful among investors and related audiences.
What Is CoinMarketCap?
CoinMarketCap was established with a single goal in mind: to be the authority and one stop destination for everything cryptocurrency related.CoinMarketCap values the users and encourages them with accurate information to make their own valuable conclusions and builds trust with them because it’s only through trusting users that the economy can be made efficient globally.
Founded by Brandon Chez in May 2013, CoinMarketCap has quickly grown to become the most trusted source by users, institutions, and media for comparing thousands of cryptoassets and is commonly cited by CNBC, Bloomberg, and other major news outlets, (even the US government uses the data for research and in reports!)
In April 2020, Binance Capital Mgmt acquired CoinMarketCap which bolstered their already existing goal of streamlining and making access to crypto simpler for everyone around the globe making it ‘of systemic importance’ to people around the world as crypto currency is the future of trade in general.
CoinMarketCap through integration plans to enhance access to great quality data to its hundreds of millions of users by encouraging and promoting a deeper research approach tackling crypto projects through or parent company.
CoinMarketCap Product
| Product | Description | Key Features |
|---|---|---|
| Crypto Market Data | Real-time updates on cryptocurrency prices, market cap, and trading volume. | Price tracking, market capitalization, historical data, and live updates. |
| Portfolio Tracker | Manage and track your cryptocurrency investments in one place. | Real-time profit/loss insights, customizable portfolios, and easy import/export options. |
| Crypto Converter | Calculate crypto-to-fiat and crypto-to-crypto conversions instantly. | Supports multiple currencies, real-time exchange rates. |
| Watchlist | Save and monitor your favorite cryptocurrencies for quick access. | Personalized tracking, easy sorting, and notification alerts. |
| Learn and Earn | Educational content on blockchain and crypto with opportunities to earn rewards. | Videos, quizzes, and crypto rewards for learning. |
| News Aggregator | Stay updated with the latest news and trends in the cryptocurrency industry. | Curated news, trends, and updates from trusted sources. |
| API Services | Professional-grade APIs for accessing comprehensive crypto market data. | Data integrations, historical data, and developer-friendly interfaces. |
| Airdrop Information | Details on ongoing and upcoming crypto airdrops. | Airdrop schedules, eligibility requirements, and participation instructions. |
| Crypto Glossary | Comprehensive glossary for cryptocurrency terms and concepts. | Beginner-friendly explanations, industry terms, and blockchain basics. |
| ICO Calendar | Information about Initial Coin Offerings (ICOs) and token sales. | ICO schedules, project details, and investment opportunities. |
Key Features of CoinMarketCap
Cryptocurrency Prices and Rankings: Gives access to current prices and market shares of thousands of cryptocurrencies and commodities.
Historical Snapshots: Users can have an access to the previous cryptocurrency market data.
Portfolio Tracker: A tool that allows users to monitor changes in the value of their crypto assets.
Gainers & Losers: Provides a list of gainers and losers in the cryptocurrency market.
Exchange Ranking: A rank is made for all available cryptocurrency exchanges basing on metrics such as trading volume.
NFT Market Overview: Assessment of the non-fungible tokens market in a nutshell.
Converter: Allowing users to assess cryptocurrency rates to several fiat or diversified tokens.
Blockchain Explorer: Enabling users to search and verify transactions acted on the blockchain.
API Access: Enabling developers with an application programming interface to glue CoinMarketCap data to their programs.
Events Calendar: Future cryptocurrency events and airdrops are listed.
Fear and Greed Index: In an attempt to assist people make decisions, sentiment is quantified.
User Friendly Interface: Easily accessible design that includes customization options.
Watchlist and Alerts: A feature that enables users to create personalized watchlists and price alerts.
Community Section: Feeds and discussions for cryptocurrency enthusiasts are available.
Who Should Use CoinMarketCap?
CoinMarketCap has something for everybody. It can serve a variety of users:
Investors
People tracking their crypto portfolios and figuring out how the market is fluctuating.
Traders
Oh yes, if you are a trader, you know real time data is crucial in making any of your trades.
Developers
Integrating crypto data? You will be needing an API and CoinMarketCap has got you covered.
Researchers
Are you doing research on the crypto market and studying the blockchain? Then CoinMarketCap is your best friend and it’s got everything you need covered.
Enthusiasts
Focus and know about everything that’s happening with the latest news in the crypto space? Yes! Perfect for you.
Newcomers
If you are a beginner and looking to see what the world of crypto offers, This is your best way in. Easily maneuverable and accessible, you surely won’t feel lost.
Analysts
For all of our financial analysts out there CoinMarketCap offers extensive market data along with a variety of metrics for all your reports and analysis.
Media
Blob mains and medial freelancers looking for accurate and consistent data related to crypto need not look further, CoinMarketCap is right here.
Institutions
For all of the finance firms and companies working towards the crypto market, Here’s your ultimate companion!
Educators
Teachers looking to guide their students through the basics of crypto and helping them build an understanding of it, the platform is perfect for that purpose.
Pros & Cons of CoinMarketCap
Pros:
Data Density: Comprehensively covers thousands of coins, coin trading volume, price changes, etc.
User Experience: Normally has a high ease of use with features like custom watchlists, portfolio trackers, real time alerts etc.
Costless: A good chunk of the tools which include news updates, market information and portfolio tracking can often be accessed for free.
Learning Materials: Presents important learning resources such as quizzes and write-ups to fresh and seasoned users.
Variety of Cryptocurrencies: Specifically has a wide number of cryptocurrencies even some which are relatively newer or less popular.
Improvement Propsal: App programming interface is provided where data can be included in third party applications and services.
Potential Storebins: A wide range of upcoming ICOs and airdrops are displayed to the users.
Cons
Advertising: The website is built on ads which can be an annoyance for users.
Lacking Features: In comparison to exchanges, it falls a bit short in providing more advanced trading options and features.
Data Delay: Some of the data on the markets may be marginally delayed or- inaccurate due the decentralised nature of trade.
Absence of Integrated Trading: Although it provides coin market data, it doesn’t give users the option to trade coins on its website.
Limited Customer Support: For users of the free tier, the support options may be limited and the response time during peak hours may be delayed.
CoinMarketCap Competitors
CoinGecko
Over 6,000 cryptocurrencies historical data, price charts and capitalization. Lots of metrics that involve liquidity, developer and community activity which makes it a great substitute for CoinMarketCap.
CryptoCompare
Wide array of real time cryptocurrency prices, in-depth graphs and historical data of different currencies. Along with this, there is a Comparison feature along with tracking performance statistics.
Live Coin Watch
With over 2000 currencies, it has a simple interface and also provides basic crypto data related to price changes trading volume, circulating supply and market capitalization all in one place.
CoinWatch
Being one of the ad free coins application, CoinWatch enables its users to fetch real time information regarding coin prices, market status and price history on multiple currencies.
Conclusion
In summary, CoinMarketCap is a great resource for people who want to monitor the cryptocurrency market in real time. Its robust user-friendly site, learning materials, and tools for portfolio management allow it to be among the best sites for both beginner and professional traders.
The site doesn’t come with some advanced trading features and has ads, but its cost-free and extensive data makes it ideal for tracking the cryptocurrency market.
Whether you are interested in price monitoring, crypto education or looking for investment opportunities, CoinMarketCap has it all.
