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What is CoinMarketCap?
CoinMarketCap is a widely referenced market data platform that provides comprehensive information on thousands of cryptocurrencies.
In crypto markets, staying informed about the latest prices, developments, and trends is crucial for investors and traders. CoinMarketCap?compiles real-time data, market capitalization, historical price charts, trading volume, circulating supply, and other key cryptocurrency metrics.
The platform was founded in May 2013 by former IT programmer Brandon Chez to track various crypto projects in one place.
What is It Used For?
The CoinMarketCap homepage provides a live cryptocurrency price tracker sorted by market capitalization. Users can scroll the page to check prices and select an individual coin or token to view live price charts, historical data, a project description, and details about which exchanges list it for trading.
The platform also lists cryptocurrency exchanges, calendars for initial coin offerings (ICOs), and other events. Also, it has a community section featuring feeds and discussion topics.
CoinMarketCap offers several tools, including:
- A converter to compare the rates of coins and tokens against various fiat currencies or other cryptos;
- A blockchain explorer to search and verify transactions;
- An application programming interface (API). Signing up for an account gives access to a watchlist and portfolio.
These features can be used for:
- Market research:?Users can analyze the performance of various cryptocurrencies, compare historical data, and identify trends to make informed investment decisions.
- Price tracking: CoinMarketCap tracks prices for thousands of cryptocurrencies in real time. It provides data in multiple fiat currencies, making it convenient for users from around the world to understand and track cryptocurrency prices.
- Portfolio management: Investors can keep track of their holdings and monitor their overall portfolio performance.
- ICO information: Details about upcoming and ongoing ICOs enable users to stay updated on new cryptocurrency projects.
- Exchange information: CoinMarketCap lists data on various cryptocurrency exchanges, including trading volume, supported pairs, and user reviews helping traders to identify suitable platforms to buy, sell, or trade cryptocurrencies.
Is CoinMarketCap an Exchange?
No, CoinMarketCap does not facilitate cryptocurrency trading or transactions. It aggregates data from various cryptocurrency exchanges and presents it in a user-friendly format.
Who Owns CoinMarketCap?
The platform was acquired in 2020 by Binance, the world’s largest cryptocurrency exchange. Binance is CoinMarketCap’s parent organization, although it continues to run as an independent entity.
The acquisition allows Binance to integrate CoinMarketCap’s data and services into its ecosystem and allows the platform to tap into Binance’s resources to provide more in-depth project data.
The Bottom Line
CoinMarketCap is a useful tool for anyone interested in cryptocurrencies. It provides a range of information and services that help users stay informed about the markets.
While it is now part of the Binance ecosystem, CoinMarketCap continues to provide independent data to the crypto community.
