Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Top 5 Alternatives to CoinMarketCap
With an increasing number of crypto newbies coming in daily, it is only logical that cryptocurrency users’ information intake increases along with it. There is a variety of information-providing sites available. Some are blogs, daily information providers, price predictors, etc. They are needed to get an expanded picture of the whole sector and make informed decisions based on their findings.
Since the start of the crypto era, one forum has always been at the top of any list of resources. Since its inception in 2013, CoinMarketCap has been the largest provider of crypto information in the Industry. It has been a pioneer in space, to say the least, and provides various types of meticulously classified resources. In addition, they help the users by giving real-time and historical data related to the price, market value, and volume of almost all cryptocurrencies.
Allegations and Drawbacks
BitWise Fake Volume Report
BitWise, an Asset Management Firm, actively involved in cryptocurrency research, started the day with a controversial announcement. BitWise, in a report spanning 226 slides, made a complaint registered with the Securities and Exchange Commission (SEC) about the possible portrayal of misinformation and misuse of user trust. They claimed that CoinMarketCap concocted information about daily cryptocurrency volume, overstating it repeatedly to show that specific cryptocurrencies are seeing unprecedented interest.
“Despite its widespread use, the CoinMarketCap.com data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market”, says the BitWise report, which also lays out in detail how it reached that conclusion.
The CoinMarketCap team responded almost immediately after receiving the complaints from BitWise and many other users, and the team is looking into it thoroughly. Of course, it can only be speculated internally, but one thing was clear to the users: never put all your eggs in one basket. So many of us have blindly used CMC for all our daily crypto information, and now we know that has to change.
Widening the Basket
As with stocks, cryptocurrencies, or any asset, diversity is essential, especially in information input forums. Therefore, one may not rely on a single entity to obtain the correct information. For this reason, we will discuss the best alternatives for CMC. All the sites were thoroughly researched to identify and analyze everything a crypto enthusiast would look for, plus other features that might help everyday perception.
CoinGecko
Formed in 2014, CoinGecko is the brainchild of two developers who wanted to help people get a deeper understanding of the crypto space at any given time. In an interview with the founders, they claimed they got the idea of building CoinGecko when they started thinking about their research philosophy. They wanted a forum to analyze all types of data, such as usage, development, and even the interest of the coin on sites such as Twitter, Reddit, etc. As a result, CoinGecko is the first platform in the game to move ahead of MarketCap alone. They also look at social media interest, developer teams, liquidity, and so on and combine them into an algorithm to convey the best and most transparent information. Their Methodology page explains that they take 11 metrics to portray crypto ranking accurately.
CoinGecko breaks down quantitative and qualitative data for several different metrics. The metrics used include Twitter followers, Reddit subscribers, coin community, the cost of a 51% attack, the number of developers working on the coin, and much more to provide an overall score of the coin and a rating for each category.
CoinGecko is arguably the most trusted exchange, with enough information for any seeker to know clearly what they’d like to understand.
LiveCoinWatch
Gaining popularity after the CMC scandal, LiveCoinWatch has an impressive community. Portraying itself as a transparent and reliable crypto information site, LiveCoinWatch’s standout feature is the “Trusted Exchange Volume,” which is an accurate and fair representation of the actual daily exchange according to the official statement volume, reliable and unhindered by outside influence.
At its inception, LiveCoinWatch took an initial set of 10 exchanges deemed trustworthy and reliant. It followed the BitWise Report’s guidelines to eliminate the inflation caused by wash-trading and finally provided the actual volume. The list is community-driven and keeps adding exchanges by the community’s nomination.
Other features include outlining exchanges that portray low volume and uncanny price differences, a decentralized community-driven forum, and a minimalist UI for a more excellent perception of information.
CoinPaprika
Known within the community as the true successor to CoinMarketCap, CoinPaprika is a crypto resources site focused on the above-average investor. Its features and resources provide a clear, technical, and accurate picture of the crypto space. As a result, it has been continuously used by traders and reviewers to understand the bigger picture.
CoinPaprika was launched as a mobile and desktop platform to allow users to gain information on all devices wherever possible. Later, Coinpaprika allows excellent flexibility and includes features such as price details, coin information with resources and video explanations, social media influence, upcoming events, and much more.
CoinCodex
One of the most user-friendly decentralized forums out there, CoinCodex combines simple, up-to-date cryptocurrency information with a modern, intuitive layout that includes mobile design, clean interactive graphics, and a smooth dashboard. The CoinCodex interface uses an intuitive, interactive approach that allows you to monitor your cryptocurrency investments and favorite coins seamlessly. In addition, the site features a vast library of helpful starting guides, which teach users about the crypto world’s basics and give them a head start from the rest.
The features that set CoinCodex apart are the ICO, STO, and IEO tracking lists. The list lets users be up-to-date with the upcoming token offering from all sectors, providing information about the offerings, and so on. As a result, it is seen as the industry standard.
Other eye-catching features include platform reviews ranging from exchanges to casinos to crypto card providers, market overview, Dapp information across all blockchain platforms, crypto news, and portfolio tracking. CoinCodex has quickly become the trusted name in all info other than metrics. Users regularly visit the site for its news and reviews and to stay updated with the token listings.
CoinLib
CoinLib is a new entrant in this club, but with a promise to revolutionize the game. A user-friendly resource platform provides real-time and historical cryptocurrency price and volume data, charts, and crypto coin rankings with a portfolio tracking tool and an integrated price alerting mechanism. It has amassed nearly 1.8 million users within the first few months of its entrance and is slowly building a community repo.
It also shows intuitive total market cap charts with Bitcoin dominance charts in 8 fiat currencies. Using CoinLib, you can compare up to 4 coins based on their specifications, trading volume, price performances, and market caps. Using your details, you can also enjoy their free version of the portfolio manager once you register on CoinLib. CoinLib also includes an Advanced and a pro version, each with its privileges and added advantages. This move targeted the sophisticated investor who did not mind shilling a little to enjoy an edge over the others.
Notable Mentions
However, we know that our research could not be wary of possible mistakes and biases. Therefore, we state a few of the platforms we managed to catch out of while researching. They are accommodating, lucrative, and fast-growing.
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