One of the most easily identifiable factors that affect cryptocurrency adoption and utilization is the inability to understand how it works. What is not known or understood is bound to be feared and misjudged. If curbing ignorance in the cryptocurrency market should be crucial, then a platform like CoinMarketCap is essential.
CoinMarketCap, in particular, is a reflection of "Transparency", one of the pivotal values the cryptocurrency market is built upon.
The CoinMarketCap platform was created by an inconspicuous computer programmer that has somehow successfully managed to remain under the radar since 2013, notwithstanding that his website is the world's authority in cryptocurrency data.
— Goals, if you ask me.
● The first thing you should know about CoinMarketCap is that it is the biggest and arguably one of the most trusted cryptocurrency data engines.
● It has precise and accurate data which is not limited to; the name, trading pairs, prices, volumes, and rank of any cryptocurrency.
● Digital assets data that are not cryptocurrencies can also be found on CoinMarketCap, NFTs included.
● CoinMarketCap is mostly leveraged as a cryptocurrency data search function, cryptocurrency price tracking function, and cryptocurrency conversion.
● The website was purchased by Binance Capital Mgmt. in April 2020.
Understanding the CoinMarketCap platform
So what is CoinMarketCap, really?
To be concise, simply put, CoinMarketCap is a platform that tracks data of different cryptocurrencies in order to provide both fundamental data and technical analysis or overview for users and investors.
Take, for example, one who heard of a coin called $AVAX, picked interest, and decided to find out about it, the first instinct might be to visit their website but cryptocurrency projects provide information and data they specifically want you to know while CoinMarketCap provides information and data in its most transparent form.
After finding your assumed coin of interest on CoinMarketCap, the types of data that will be provided in the most comprehensible manner are;
● The coin rank
● The coin's current and precise price with real-time metrics on 24hrs change.
● Historical Data, News, and Updates about the coin
All this with a cryptocurrency community section for users to discuss trends and thoughts on coin price movements and project developments.
As prior mentioned, CoinMarketCap provides the fundamental data and technical analysis data of every coin in the ecosystem and so is one of the primary go-to platforms for information and discussions.
What makes up the CoinMarketCap platform? - Technical Overview
The CoinMarketCap platform is designed with such intricacy that it makes it possible for major and minor solutions to be accessible with the most smooth interface and impeccable user experience. Its technicality and architecture are spread out to five core functionalities namely;
This section of the CoinMarketCap platform contains the structure of how cryptocurrencies in the CoinMarketCap platform are displayed and arranged. For example, you can find cryptocurrencies according to the following;
● Recently Added
● Gainers and Losers
● Global Charts
● Historical Snapshots, etc.
This section of the CoinMarketCap platform contains Metadata and Macro data about all the current and active exchanges and decentralized exchanges (DEX) in the cryptocurrency market and blockchain ecosystem at large.
You might ask if a community should be under the technical functionality of a platform or project. Community is arguably the most important technical functionality and the reason is simple; What then is a king if there is no subject to rule over?
What then is CoinMarketCap without its users or investors?
This part of the CoinMarketCap technical functionality allows for an interactive and engaging ecosystem as it contains feeds and articles that also play a huge role in facilitating success both to its platform and the coins under its platform.
This section of the CoinMarketCap platform provides its users DApps, tools, utilities, and digital products that will maximize their experience with the platform. Some of the already available and active products are as follows ;
● Mobile Apps
● Blockchain Explorers
● Jobs Board
● Crypto API, etc.
The Learn Section of CoinMarketCap is the coach that will ease your journey as a newbie in the cryptocurrency ecosystem willing to know more. It contains reliable sources and information specifically put together for a user's utmost experience and easy exploration.
Why should you choose CoinMarketCap?
CoinMarketCap is the "Google" of the cryptocurrency market, it is comprehensive and effective with respect to its function as an information hub of the cryptocurrency market.
CoinMarketCap's background story is mysterious and exciting thanks to its inconspicuous creator only known as Brandon Chez.