- CoinMarketCap (CMC) has long been the dominant player in the crypto data space
- Now that Binance has acquired CMC, traders and researchers everywhere are wondering how this will affect the impartiality of the data
- This article contains a lineup of crypto data platforms with more accuracy and better features
Coinmarketcap has held the position of the most popular crypto data website for a long time. According to Alexa, the Global Traffic Rank of CMC is 546 making it one of the top 1,000 most popular websites in the world. The closest competitors are CoinGecko with rank 7,386 and CryptoCompare at 13,103.
But is it justified for all the crypto enthusiasts and traders to rely on a single platform? After all, the market that is actually to be targeted is decentralized so why rely on a centralized source of information. People in the crypto world have been avoiding this question because of the excellent services provided by CoinMarketCap. But, Binance announcing their procurement of CoinMarketCap has caused this question to resurface.
The Current Scenario
Although there have been reports of scams and fake analysis, as well as speculation of insider trading, none of these have affected the huge traffic base of CMC. Even after 2017, when CoinMarketCap wrongly reported data about XRP coin causing huge losses for investors, it still persisted to be the top of the food chain.
However, the recent acquisition deal estimated to be around $400 million may be the straw that breaks the camel’s back. After all, If Mark Zuckerberg would say that Facebook is better than Instagram (before he bought the damn thing) people would probably question his statement. So, in light of Binance having its own cryptocurrency and trading platform, as well as being used for IEOs, it is not possible to trust a cryptocurrency capitalization platform owned by Binance itself.
What Next?
Traders and crypto enthusiasts who have been immensely reliant on CoinMarketCap for their crypto data should count this as both a blessing and a curse. While they have always been concerned about the accuracy of data on CMC, they now have the opportunity to consider better substitutes. There are several crypto data websites with better data accuracy, advanced features and improved user experience that are ready to fill the hole that the acquisition of CMC will leave in the crypto world. Here comes the curse part – which of these websites is best suited for you.
So here we bring you the top 5 alternatives to CoinMarketCap that will make you feel grateful to Binance for the acquisition of CMC leading you to explore better alternatives.
Top 5 Crypto Data alternatives for CMC
1. CoinGecko
CoinGecko is without-a-doubt one of the top alternatives. It facilitates a crypto enthusiast or a trader with more insights than any other crypto data website. With factors taken into consideration such as developer activity, community, liquidity, market capitalization along other key criteria, it provides a unique and trusted ranking of several cryptocurrencies.
The UI comes in 15 different languages apart from English. CoinGecko also provides services like ICO calendar, crypto forum, Android and IOS app, and detailed exchange volume analysis which makes it a strong competitor and a decent alternative.
2. Live Coin Watch
Looking at data the whole day gets too mundane. To spice it up a little bit, LiveCoinWatch, founded in 2017, offers better representation through its elegant user design, charts, and other graphical features. It tracks volume on over 180 exchanges and provides a real-time cryptoanalysis of 2700+ cryptocurrencies.
Although it is a relatively young web app, the following Key features make LiveCoinWatch a tough contestant.
- On/Off button for the inclusion of the Korean market
- Portfolio management and watchlist
- Live cryptocurrency price widgets
- View prices in more than 30 fiat currencies
3. Coinlib
Coinlib is the only crypto data website which not only fulfills the needs of experienced traders but also takes care of the newbies by providing an easy to read design. It tracks more than 6000 cryptocurrencies and provides an advanced graphical representation of different performance indicators, news, and alerts.
You can search the statistics and history of any coin’s price, market cap or trading volume and expect the result in no time. With tools like a cryptocurrency converter and portfolio manager, this free to use web app is an outstanding alternative to CMC.
4. CoinPaprika
CoinPaprika is the youngest and maybe the most equipped of all the alternatives. Founded in Poland in 2018 CoinPaprika is not your average crypto data platform. It provides whitepapers, GitHub progress, company information and strives of providing a faster response for the addition of new cryptocurrency or the stock market.
Crypto data displayed on CoinPaprika is of over 2300 coins taken directly from over 300 exchanges. Another key takeaway of CoinPaprika is its inhouse exchange and COINS, an all-in-one crypto app. Through this mobile app, you can
- Discover and learn about new coins
- Store all coins in one wallet
- Manage your portfolio
- Buy coins directly from the app
5. CryptoCompare
Being one of the oldest players in this space, CryptoCompare brings experience and reputation to the table. If you are looking for a more trustworthy and proven source of crypto data then CryptoCompare is definitely going to be your choice. It has been providing real-time market analysis since it was found in 2014 and lets you view trading volume by currency and by exchange for 5500+ coins listed on its website.
With its CryptoCompare Index (CCCAGG), how-to guides, a user forum, and portfolio tool, it is not one of the modernized crypto data platforms but one of the simplest and accurate ones. Details of upcoming ICOs can also be found on the website.
Crypto Data Conclusion
There are different strokes for different folks. If you do not find an alternative that suits your requirements, there are several other crypto data websites that you can look into. The only thing to recognize is that CMC is not the only optimum platform. It should not have been the centralized data source for a decentralized market in the first place. We bring these alternatives to you only after they satisfied our experts in not just accuracy but reliability, speed, user-experience and many other advanced methodologies. If you are a crypto trader, you know the importance of such factors. If you are a crypto enthusiast, you can gain immense insights into the crypto world and understand its flow through a more user-friendly interface.
