CoinCodex and CoinGecko Break CoinMarketCap's Monopoly on Cryptocurrency Rankings and Price TrackingBy May 20, 2020 3 Min Read
Since the release of Bitcoin in 2009, the cryptocurrency industry has continued to evolve to the extent that major banks like JP Morgan Chase have started supporting crypto businesses. This trend has created avenues for various cryptocurrency comparison sites that list prices, market cap, trading volume, and coins in real-time. Nevertheless, this field is no longer a one-stop shop because CoinGecko and CoinCodex have come up, and they are giving CoinMarketCap a run for its money.
CoinMarketCap has crafted a name for itself as the leading crypto price tracker since its inception in May 2013, having been created by Brandon Chez. Last month, CoinMarketCap made the airwaves after it was acquired by Binance, one of the world’s major crypto exchanges, for an undisclosed amount. However, this gesture raised eyebrows in the crypto community about the centralization of notable services like coin tracking, which seems to create room for other cryptocurrency data sites, such as CoinCodex and CoinGecko.
Nevertheless, Carylyne Chan, the Interim CEO of CoinMarketCap, addressed these concerns by stipulating that the site would run as an independent entity from Binance.
Apart from listing more than 5,000 cryptocurrencies, the website intends to solidify its grip in the crypto space by presenting a platform dubbed CoinMarketCap interest to aid the comparison of lending and borrowing products in DeFi.
Ranking of the top 100 cryptocurrencies is founded on total market capitalization. Each coin comprises metrics, such as price, circulation supply, and a 7-day price graph. Additionally, 24-hour changes and trade volumes, as well as perpetual swaps markets in derivatives are availed.
CoinCodex is a cryptocurrency listings website that offers comprehensive overviews and crypto prices of at least 5,000 coins in real-time. The platform has an action metric that enables users to compare a specific cryptocurrency with another for more insights.
With CoinCodex, you can gather data from at least 200 crypto exchanges enabling you to develop portfolios based on your investments. The platform offers a user-friendly interface and comprises an ICO calendar that features information about active, upcoming, and completed token sales in the crypto space. Additionally, a detailed summary of every coin is presented.
CoinGecko is another reputable cryptocurrency tracking site based on distinctive metrics. For instance, it has a “Gecko” score measure made up of social and developers estimates. Precisely, the social score shows the community activity on social media platforms, such as Reddit, Twitter, and Facebook, whereas the developer measure indicates the crypto assets’ development venture.
CoinGecko lists more than 7,000 coins and tracks various activities like major events and open-source code development.
It also has an informative parameter because it shows the ranks of coins based on interest or value level based on factors like public likeability, market capitalization, and liquidity.
If you are interested in the crypto mining space, CoinGecko is a useful resource because it has a mining calculator segment enabling you to know whether mining a certain coin is profitable and how long it will take to break even or make some revenue.
Whether you are a crypto investor, enthusiast, trader, miner, or want to keep track of price movement, CoinCodex, CoinGecko, and CoinMarketCap are ideal resources because they offer unique insights based on your tastes, needs, and preferences. Additionally, you should not put all your eggs in one basket by depending on only CoinMarketCap concerning cryptocurrency price tracking endeavors because CoinGecko and CoinCodex are notable alternatives. Over-relying on one website can be dangerous as witnessed in 2018 after CoinMarketCap decided to shut out data from South Korean exchanges, which triggered a price crash in the crypto market because of panic selling.