CoinMarketCap - a detailed overview

CoinMarketCap is a leading online service for tracking cryptocurrency prices in real time, analyzing market capitalization, trading volumes and other important information about crypto assets and exchanges. The platform maintains data on more than 17,400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and thousands of altcoins. It also provides information on cryptocurrency exchanges, NFTs, market trends, and other aspects of the blockchain ecosystem.

The service is available through the website, mobile applications for iOS and Android, as well as through an API used by major crypto exchanges and financial institutions for data analysis. CoinMarketCap stands out for its transparency and commitment to providing unbiased information, making it a trusted source for users around the world.

Main features of CoinMarketCap

1. Monitoring of prices and market data

CoinMarketCap offers detailed real-time information on cryptocurrency prices obtained from many exchanges and converted into US dollars or other currencies. Each cryptocurrency page contains:

• The current price and its change for 24 hours, 7 days, or other periods.
• Market capitalization, calculated as the product of the supply and the current circulating price.
• Trading volume in 24 hours.
• Price charts for different time periods.
• Information about the project, including official websites, social networks, and blockchain observers.

The Rankings section allows you to sort cryptocurrencies by market capitalization, trading volume, or other indicators. Users can also view lists of rising and falling leaders, recently added coins, and categories such as DeFi or Yield Farming.

2. Portfolio tracking

CoinMarketCap offers a free portfolio tracker that allows users to track their crypto assets in real time. After registering (just provide an email and password), users can:

• Add transactions (buy, sell, transfer) to track the total value of your portfolio.
• Analyze profits and losses for a day, week, or month.
• Compare assets by their weight in the portfolio and price dynamics.
• Set up price change alerts for your favorite cryptocurrencies.

The tracker supports thousands of coins and tokens, as well as conversion to 90+ fiat currencies such as USD, EUR, UAH, and even precious metals such as gold or silver.

3. Analytics of exchanges

The Exchanges section provides ratings of spot, futures, and decentralized exchanges (DEX) by trading volume, liquidity, and number of active markets. Users can compare exchanges by such indicators as:

• Trading volume in 24 hours.
• The number of supported coins and trading pairs.
• Assessing the reliability of the exchange.

This helps traders choose a trading platform based on up-to-date data.

4. 4. Additional features

• Watch lists: Users can create personalized lists of their favorite cryptocurrencies by adding them with a single click (e.g. by clicking on the asterisk next to the coin name).
• Currency converter: A powerful tool for converting cryptocurrencies into fiat, other cryptocurrencies, or precious metals.
• News and training: CoinMarketCap offers a learning center, a glossary of terms, and a news aggregator so that users can stay up to date with developments in the crypto industry.
• Airdrops and rewards: Users can participate in cryptocurrency giveaways and earn points (Diamonds) for completing daily tasks such as price forecasts.

Advantages of CoinMarketCap

1. Data relevance and accuracy: Data is updated in real time, allowing users to get the most up-to-date information on prices, trading volumes and market capitalization.
2. Wide coverage: The service supports thousands of cryptocurrencies and hundreds of exchanges, making it a universal tool for market analysis.
3. Free access: Most features, including the portfolio tracker and watchlists, are available for free.
4. User-friendly interface: The intuitive design of the website and mobile applications makes it easy to navigate for both beginners and advanced users.
5. API for professionals: CoinMarketCap offers one of the best crypto APIs used by exchanges and financial institutions for data analysis.
6. Mobile applications: The iOS and Android apps provide convenient access to all features, including price alerts and portfolio tracking.

Disadvantages of CoinMarketCap

1. Limitations of the free API: The free version of the API has a limit on the number of requests, which can be inconvenient for developers or professional traders.
2. Risks of inaccuracies: In the past (e.g., in 2018), CoinMarketCap has faced criticism for including data from exchanges with inflated trading volumes. Although the service introduced a liquidity metric in 2019 to combat fake data, some users still express concerns about accuracy.
3. Dependence on Binance: Following the acquisition by Binance in 2020, some users have expressed concerns about potential bias, although CoinMarketCap says it remains neutral.
4. Limited features for beginners: Although the interface is user-friendly, it can be difficult for beginners to understand all the metrics and categories without additional training.

Comparison with competitors

CoinMarketCap competes with other popular aggregators such as CoinGecko, Live Coin Watch, and CryptoCompare. Main differences:

• CoinGecko: Offers similar functionality, but places more emphasis on additional metrics such as developer activity and social signals.
• Live Coin Watch: It has a simple interface and the ability to create customized portfolios, but has less extensive coverage of exchanges.
• CryptoCompare: Focuses on analyzing exchanges and wallets, but is less convenient for portfolio tracking.

CoinMarketCap remains the leader due to its reputation, wide coverage, and integration with Binance, which provides access to a huge amount of data.

Why is CoinMarketCap ideal for portfolio monitoring and tracking?

CoinMarketCap is an ideal choice for those looking for a universal tool for monitoring the crypto market and managing their portfolio thanks to:

• Real time: Data is updated instantly, which is critical for traders in the volatile crypto market.
• An integrated approach: From cryptocurrency ratings to exchange analysis and a portfolio tracker, everything is available in one place.
• Free access: Unlike many competitors, the basic functions of CoinMarketCap are available free of charge, making it attractive to beginners and professionals alike.
• Mobility.: Mobile applications allow you to track your portfolio and receive price alerts at any time.