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CoinMarketCap and its Competitors: A Closer Look at Crypto-Tracking Platforms

The world of cryptocurrencies has gained a lot of attention in recent years, and with this growing interest, various platforms have emerged to provide users with information on price development, digital assets, market cap, and trading volume. One of the most popular of these platforms is CoinMarketCap, a website that tracks thousands of cryptocurrencies.

In this article, we’ll take a closer look at CoinMarketCap, including its background, functioning, data tracked, and business model. We’ll also compare it with some of its closest competitors.

Overview of CoinMarketCap:

Company Background:

CoinMarketCap was founded in 2013 by Brandon Chez, a software engineer. The platform’s aim was to offer real-time market information on cryptocurrencies.

Today, it’s one of the leading crypto-tracking websites globally, providing users with a vast database of price development, market cap, trading volume, and various other digital asset metrics. One of the reasons for its popularity is the fact that CoinMarketCap is free to use.

Functioning and Data Tracked:

CoinMarketCap functions as a provider of vital data on cryptocurrency trading, with the website allowing users to monitor market caps, trading volumes, and price development of over 11,000 cryptocurrencies. Users can also filter the data using a variety of categories, including gainers and losers, volume, and price changes.

The platform is easy to navigate and provides users with a broad range of information on cryptocurrencies. Business Model:

CoinMarketCap’s business model is primarily based on advertising revenue.

The company generates revenue by running ads on its website, and users can also sign up for a subscription service that provides them with additional features. CoinMarketCap also generates revenue from referral fees by referring users to certain cryptocurrency exchanges.

Competitors of CoinMarketCap:

CoinGecko:

CoinGecko is the biggest competitor to CoinMarketCap, with over 13,000 crypto-related assets tracked on its platform. However, it strives to differentiate itself from CoinMarketCap by adding robust social data to its platform.

This includes data such as developer activity, community engagement, and event participation. CoinStats:

CoinStats has over 1.5 million users and provides them with mobile apps for Android and iOS.

The app allows users to monitor their portfolio assets and track price development. Users can also set alerts for significant price changes and access coin information.

Blockfolio (now FTX Signal):

Blockfolio, recently acquired by FTX, has six million users and offers integration into the FTX app. The acquisition was for a staggering $150 million, and Blockfolio aims to provide a seamless portfolio tracking experience that integrates with the exchange.

The app also allows for price chart analysis and an API integration for automated trading. CoinTracker:

CoinTracker aims to assist users with tax compliance while tracking their cryptocurrency portfolio.

The platform supports over 10,000 crypto assets and is backed by Y Combinator. The app allows users to import transactions from various exchanges and wallets, generate tax reports, and gain insights into their portfolio’s performance.

Coinbase:

Coinbase, one of the most popular crypto exchanges worldwide, provides its users with in-house portfolio tracking capabilities. Users can also access Coinbase Pro, a trading platform that offers market data, trading volumes, and market cap.

Coinbase Pro also allows for API integration for automated trading. Conclusion:

In conclusion, CoinMarketCap is an industry staple and provides users with vital data on cryptocurrencies.

Its competitors are few, but they offer a range of different features that may be better suited to particular users. Whatever the choice, these platforms bridge the gap between the traditional finance world and the world of cryptocurrencies, providing much-needed information, tracking, and insights into the market’s performance.

In summary, CoinMarketCap is a well-established crypto-tracking platform that provides users with necessary data about digital assets’ performance. Its competitors, such as CoinGecko, CoinStats, Blockfolio (now FTX Signal), CoinTracker, and Coinbase, offer a range of features that appeal to different types of users.

These platforms provide important information and insights into the cryptocurrency market, bridging the gap between traditional finance and digital assets. Overall, as the world of cryptocurrencies continues to grow, these platforms will play a crucial role in providing users with the necessary tools to navigate this exciting and fast-changing space.

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