When starting with cryptocurrency, you need a tool to help you analyze different cryptographic coins. A platform that is reliable and convenient. One of these platforms is CoinMarketCap and many times you'll see people citing them. If after visiting the website you find the information too cumbersome to understand, you do not have to panic. In this guide, we'll take a look at what is Coin Market Cap and how you can use the data displayed on the website effectively.
What is CoinMarketCap.com?
It is a website that keeps track of all cryptocurrencies. It provides data on the trade volume of cryptocurrency, supply, price, exchange platforms and other relevant information on various digital resources.
The website provides updated information on the cryptographic market with updated statistics every 5 minutes. The platform calculates the market capitalization by multiplying the price for the total offer. The calculation of prices is calculated by calculating the average price on all significant cryptographic power stations weighted by volume.
Coins with obsolete data points older than 6 hours are shown at the bottom of the list with question marks. If this does not change, they are removed after seven days.
Website design is easy to use. It offers a wide range of tools, data and charts that beginners and experienced traders can use.
Main page of CoinMarketCap
When you visit coinmarketcap.com, the first thing you'll notice is the list of the top 100 cryptographic coins by market capitalization. The table will show the name of the token, its market capitalization, its price, its volume, its circulating offer, the change it has experienced in the last 24 hours and a graph showing the performance of the currency over the last seven days.
How to use the data displayed on the website
The first column of the table as shown above shows the name of coins and tokens. For those wondering what the difference between the two is; a currency is a cryptocurrency that has its own blockchain and works independently. But a token is a coin that initially depends on another blockchain.
There is also an option to exclude tokens / coins from the list by clicking on the cryptocurrency tab. Here you will see different filters that offer the display you want as an option to display only mineable coins.
The next column is market capitalization. Displays the total value of a cryptocurrency and classifies the coins based on the one with the highest quantity of the one with the minimum. It is the essential unit in the evaluation of different cryptographic coins.
Price, circulation volume and 24-hour volume
The next three columns include the price, the volume in circulation and the 24-hour volume. The price shows the current value of the currency. The volume indicates the amount of a cryptocurrency that has been exchanged within 24 hours.
By clicking on the volume number of a particular currency, you will see the list of all trades in which most of the trading has been carried out.
The circulating offer shows the total amount of cryptographic coins that are in public hands at that time. You can visit this link to get a better understanding of market capitalization, volume and supply.
A 7-day bitcoin trading chart
The next two columns include the 24-hour exchange rate and a 7-day price chart. Changing the 24-hour value indicates whether the value of a currency has increased or decreased in the last 24 hours. The price chart indicates the price movement of the cryptocurrency over the last seven days.
In addition, the base currency is displayed in USD by default. However, it can be changed to BTC, ETH, XRP, BCH or LTC.
Criteria for the list of coins / tokens on CoinMarketCap
There are some necessary steps that need to be met for a list of a cryptocurrency to occur.
- The token must be a cryptocurrency or a cryptographic token.
- It must be listed on a public exchange with an API that reports the last 24-hour trading volume and the final negotiated price.
- The currency / token must have a non-zero trading volume on at least one supported cryptographic exchange as this helps to determine a price.
- It must have an accurate circulating supply to help determine the market capitalization ranking.
If the cryptocurrency meets the above requirements, then you can fill out an application form to get it listed. At the time of writing, CoinMarketCap has 2017 cryptocurrencies / tokens listed.