When it comes to comparing cryptocurrency valuations, nearly everyone goes to Coin Market Cap (CMC). With Alexa ranking of 44 in terms of popularity in the US, CMC is probably the most dominant price-checking avenue in the world of cryptocurrency.
Even so, CMC seems to enjoy over-reliance on a centralized data bank that goes against the etiquette of a decentralized ecosystem. This, in fact, spells out drawbacks to the users of the platform. Instead of depending on Coinmarketcap entirely, it is important to arm yourself with best alternatives when it comes cryptocurrency valuation.
Price valuation sites to watch
About one day ago, the crypto market experienced a dip, which many analysts attributed to the operations at Coinmarketcap. The blame was squarely on how CMC calculates the market capitalization of digital assets. Following that revision, $120 billion was scraped off CMC’s price-check of the crypto market. This did not go down well with some sellers, who thought that the markets were in for a bigger crash than they actually were. The episode illustrates one of the drawbacks of depending on just a single source of data for cryptocurrency price check.
Such is the monopoly that Coinmarketcap enjoys, which leaves developers with more questions than answers. Some developers now consider a CMC listing of their coin as very important as being added to an exchange. While Coinmarketcap is easy to use and comprehensive, it does come with a status quo that has proved impermeable to many users.
If you are looking for a way to move away from the status quo, here are best alternatives that you should explore. While some may use Coinmarketcap API, many of them mine their own data to determine cryptocurrency market trends.
This site is investor-focused and provides a broad spectrum of metrics compared to any other site. At Onchainfx, users can even view future market caps of various cryptocurrencies. For example, it is possible to view a coin’s 2050-market capitalization, which you can use to calculate its future worth.
In addition, Onchainfx provides detailed information on ROI, the percentage of supply issued, and historical prices of each coin in their listing. What’s more, you can compare two cryptocurrencies side by side. In the header, you can check the display of bitcoin dominance and even check the Vladimir Club Cost of each coin (how much you can spend to buy one percent of one percent of its total supply). Recently added to the platform is the Bitcoin Price Equivalence, which is another essential tool in the crypto sphere.
Coincodex platform closely resembles CMC but comes with a cleaner interface and nice images. On Coincodex, you can filter results depending on a coin’s performance in the last 24 hours. You can also filter the results according to the coin’s performance in a year. For beginners, the site offers useful guides to get started in the cryptocurrency world. Another important feature at Coincodex is their Twitter handle, packed with interesting crypto market snippets and tips on emerging altcoins.
If you want everything crypto under one roof, then cryptocompare is your number one choice of an information hub. Here you are able to view rankings and trends for all digital assets and exchanges including timely displays of recent trades. Besides, you can filter the coins according to proof type or algorithm, read reviews of wallets, and view mining information. Besides, the site provides a forum and user commenting system, which reveals user sentiment concerning various cryptocurrencies and exchanges.
While the site is a mess, it is indeed a useful comparison site. Bitinfo displays the number of transactions it sends, including the average value of all the major digital assets. In addition, the site provides information on block times, wallets, rich lists, and wealth distribution. On Bitinfo, you can check the level of activity for each coin’s Github repository, which provides insight into which projects are under construction and which ones have advanced to seed.
Branded as a platform for crypto research, Coincheckup offers all the usual crypto information. In addition, it complements the data with extra information on volatility in the past week or month and the average daily ROI for each coin.
Coingecko embraces the same format as CMC but laces it up with some unique features. Here, you are able to filter cryptocurrencies according to their hashing algorithm, which is an important part for miners. In addition, you are also able to view forthcoming ICOs.
Coincap is a cryptocurrency comparison site similar to the CMC model. However, it offers timely Shapeshift prices, a non-existent feature in many comparison sites. While this can be tiresome after a while, it’s a useful resource for real-time accuracy.
Currently, Coinmarketcap is the leader when it comes to cryptocurrency comparison. However, over-reliance on one source of data can be disastrous due to market monopoly. There are other great alternatives to explore.
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