What is CoinMarketCap
Cryptocurrency units, which are starting to be used and in demand all over the world, continue to grow every day. The fact that important companies and investors invest in cryptocurrency has attracted new investors in this field every day. With increasing demand, investors who are really involved in this business have started to need a collective platform where they can observe all their investments and be immediately aware of the changing values. At this point, the CoinMarketCap platform has become very useful for investors. In this article you can find information about what is CoinMarketCap , what it works for and how it is used.
First, let’s start with what is CoinMarketCap. CoinMarketCap is the most-visited price-tracking website for cryptoassets in the rapidly expanding cryptocurrency room. Its goal is to make cryptocurrency more accessible and competitive around the world by providing retail consumers with impartial, high-quality, and reliable information from which they can draw their own informed conclusions.
Now that we know what is CoinMarketCap, let’s look at what it does. When it comes to monitoring cryptocurrency prices in real time, Coinmarketcap is the go-to source. Since its inception in May 2013, it has grown to become one of the most well-known brands in the rapidly expanding crypto-space. The website and mobile applications aim to render cryptocurrencies more accessible to all. And to provide regular investors with factual knowledge that is always correct and of the highest quality.
So what is CoinMarketCap’s work actually? Coinmarketcap gathers real-time data from a number of sources in order to provide reliable price information on checked crypto assets. It scrapes information such as price, trading volume, market capitalization, and circulating supplies from reputable global exchanges and presents it in a timely, impartial, and easy-to-understand format.
For almost seven years, the platform functioned as an autonomous body. Binance has committed to maintaining CMC as a separate organization, only using its vast resources to provide the platform with more detailed project data in order to minimize resource asymmetry. According to Binance, this would provide even better quality data to Coinmarketcap’s millions of users.
So what is CoinMarketCap and Binance’s relation? After being acquired by Binance, CMC faced widespread criticism for failing to remain impartial on the data consensus. Binance cryptocurrency exchange and its local token BNB are listed on CoinMarketCap, despite the fact that CoinMarketCap and Binance are independent organizations with strict independence policies. CMC responded to these critiques in the site’s “About Us” section, explaining that Binance has no impact on CoinMarketCap rankings, and CoinMarketCap has no effect on Binance’s operations.
How to use CoinMarketCap?
Although it actually has an easy interface, we need to know what is CoinMarketcap’s qualities in order to use the platform effectively.The overall value of the cryptocurrency industry is referred to as its market value. The market value is calculated by adding the market values of each cryptocurrency. According to the screenshot above, its market value is $ 281.6 billion.
The sum of trading on cryptocurrency exchanges in the last 24 hours is referred to as the 24s number. The amount of the 24s is $55.2 billion, as seen in the screenshot above.
BTC dominance: information derived from the ratio of Bitcoin’s market value to overall market value. The screenshot above shows that BTC has a 57.3 percent market share.
Clicking on the name of any cryptocurrency on CoinMarketCap will take you to a page similar to the one shown above. More information about the cryptocurrency can be found on this page.
The name and symbol of the cryptocurrency are displayed at the top left of the screen, and just below it is the ranking by market value, Website Information, and Access Link.
On the homepage, you can access price information and changes in the last 24 hours, current BTC equivalent, market value, volume (24s), circulating supply, and maximum supply amount information in the right middle section of the screen.
Charts, price statistics on the exchanges where the cryptocurrency is exchanged, social media pages, and historical data are all available at the bottom of the screen.
The price change based on the date range selected in the charts section is depicted in detail on the map.
In this article, where we try to explain what is CoinMarketCap in general, the more you observe yourself, the better you will understand the platform.