As a user of the Cryptoverse, CoinMarketCap is undoubtedly a regular tool for querying the capitalization of various cryptocurrencies. But how much do we know about this website? To answer this, today we give you an overview of CoinMarketCap in numbers.
It enables knowledge of the current price of each individual and the amount of the corresponding transactions.
In simple terms, this platform is a crypto price tracker that focuses on the capital market of every currency.
In a way, market cap has become a measure of the popularity of cryptocurrencies. There it shows the “potential capital” of the same.
Therefore, for many, market capitalization is the most important economic indicator rather than the price of a cryptocurrency.
The CoinMarketCap platform provides information on all cryptocurrencies that are traded on at least one public exchange and whose trading volume is non-zero.
This has enabled CoinMarketCap to provide a basic advisory platform for the sector. Create a “cryptocurrency ranking” according to its capitalization.
CoinMarketCap was founded by Brandon Chez in May 2013 and has quickly become the most used source for users, institutions and media to compare thousands of crypto assets.
The information provided by the platform is updated every five minutes.
It currently has data and metrics from around 5,290 cryptocurrencies. According to the Similarweb website, this has sparked the interest of more than 207 million visitors in the past six months.
CoinMarketCap has managed to be the largest website in the world focusing on cryptocurrencies, with even records of more than 78 million visits per month.
Amazon Alexa has also ranked CoinMarketCap as the 541st most visited website in the world in the past 90 days. These are 51 positions better than 3 months ago.
His closest rival is the data provider CoinGecko, which is ranked 7,435 in the world rankings.
In addition, CoinMarketCap par excellence represents the usual reference website among similar websites.
For example, it has a share of more than 3 to 1 compared to any recommendation from websites for the Binance exchange.
According to CaryMneCapCap’s chief strategy officer, Carylyne Chan, over 70% of all exchanges have voluntarily submitted data to properly track assets.
The controversial purchase by Binance
This week it was announced that Binance, the world’s largest cryptocurrency exchange, has reached an agreement to acquire CoinMarketCap.
This triggered various reactions in the industry, both for and against.
CoinMarketCap (CMC) has often come under fire and criticism for reporting incorrect trade volumes as if it were real.
After considerable criticism, CMC added the “adjusted volume” metric.
This was in particular derived after BitWise proved that 95% of the cryptocurrency trading volume was fake.
Given this, there is still a sector that believes that CoinMarketCap continues to list stock platforms with an incorrect trading volume in large quantities.
For its part, Binance has also come under fire many times because of allegations of excessive trade volume.
The exchange has rarely commented on these concerns and argued that it keeps its data transparent to its users.
In addition, with the acquisition of CMC by Binance, there is more doubt as to whether this data remains transparent.
Could Binance use your new purchase to influence your reporting? And will the CoinMarketCap numbers change once you have a new owner?
Although one would not expect this, a potential conflict of interest is obvious. Therefore, we need to monitor the data closely to identify any anomalies.
If you can be a judge and party to a situation, you will likely always be favored if you agree on both sides of the same coin.