Ask any newbie to the crypto scene what the first website they found when searching for bitcoin prices and they will invariably answer you with CoinMarketCap (CMC). It’s no wonder, as it is possibly the largest website when it comes to cryptocurrencies. It is relied upon by many traders to make judgment calls, by journalists looking to do research and is the perfect entryway for someone who knows nothing about cryptocurrencies to get a feel for what’s what in crypto land.
CMC provides good information about all possible cryptocurrencies, as well as offering charts and statistics to boot. It strikes a balance between accuracy and breadth of detail – there have been mutterings that exchanges feed bad information to the site, but that is another topic entirely. It is also the most popular website according to Alexa. It currently stands at number 481 most popular website on the entire internet.
So… it’s pretty useful and pretty important. That said, there are many out there who don’t know how to use CMC to its full potential, and many have been using it for years while only scratching the surface of what it can be used for. Let’s take a look at the following tips to help you get the most out of this precious online resource.
Global Market Metrics
Look at the very top of the homepage of CMC. This is the global market indicators and they are an invaluable tool that many simply ignore when first landing on the page. It’s always a quick scroll or searches to find a favored cryptocurrency that people want to keep tabs on.
The global market metrics allow you to take the pulse of the market at any point in time. Showing how many cryptocurrencies there are, how many markets there are, what the current overall market cap is and the trading volume over the last 24 hours. There is also one more key metric they provide at a glance. It is BTC Dominance. This is the market capof Bitcoin compared to the market cap of all other coins put together. This metric alone is good to have on hand, to see where the market is going in terms of independence fro the big one.
Click on a coin and you will be given a plethora of information. The market cap of the coin, the trading volume and price are all available at a glance. Dig a little deeper and you’ll be able to see some metrics on the supply of the coin in question. Circulating supply, total supply, and maximum supply. Those three are extremely important to see how any single is faring and to put news about the coin into perspective. Then there are the charts, which can be customized at all sorts of data points.
CMC has provided exchanges with reliable and fast integrations so that anything you see is what is happening in the market right with a minimum of delay. This is amazing, as it’s not everyone that can pull data from hundreds of exchanges and thousands of different coins in a manner that seems so easy. The system they have built is genuinely robust and is one of the reasons why so many people choose CMC as their price watching software of choice.
Research Almost All Currencies
While not every currency is listed on CMC, the vast majority are. This is especially important when you take into consideration that new coins are being made every day. While other platforms might have certain coins that CMC does not have, it’s a sure bet that CMC will win out over any competitor due to the sheer weight of the numbers it does have.
Good Links For Education
One of the key aspects of CMC’s system is that they are not only there to show you the prices and carts of each specific coin. They provide links as well. Anyone who is new to the industry can use the links section under the rank (on the left side) to read whitepapers, go to the official website of the coin, find a technical documentation and much much more.
Find The Right Exchange
Cryptocurrency exchanges live and ie by their liquidity. The more liquid an exchange, the better your prospects are to buy/sell coins at a consistent price. CMC allows you to view the top 100 exchanges based on their volume. They have various options to filter and sort exchanges so when you need to find the right place to do your trading… you really only need to look at one place.