Already passed 7 years since the release of CoinMarketCap, and its evolution has been important in the crypto world. Mainly, it is a website where is shows the market capitalization of cryptocurrencies. Also, it is one of the most reliable sources for finding statistical data on the cryptocurrencies in circulation. In addition, CoinMarketCap, despite their short 7 years of life, remains a very powerful tool. As it gathers the data reported by the platforms of exchange most important in all of the world. For this reason, we will explain how has been the progress of CoinMarketCap in their 7 years of founded.
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Evolution of CoinMarketCap in 7 years
Founded by Brandon Chez in may of 2013, CoinMarketCap has evolved quickly to become the most reliable source of users, institutions and means for comparing thousands of criptoactivos. In that year, CoinMarketCap, the web site that averages the price of the cryptocurrencies in the major crypto exchanges, began its operations by listing only seven cryptocurrencies. On its fifth anniversary, one of the novelties was the application for iPhone and iPad devices. With it, users could follow the market fluctuations in a way understandable. In the rest of the innovations have included the design of mark of the company. In August of 2018, CoinMarketCap launched an API professional, adding a new version of the public API that solves some minor issues with V1. API healthcare was intended to give developers and institutional funds the ability to use aggregate data of CMC in product offerings. The founder Brandon Chez, stated at that time:
“Our API professional will ensure that the data from CoinMarketCap can be integrated in all applications”.
He added: “it Comes with a panel of developers of first level that will help leverage our data”.
Indexes of cryptocurrencies
On 20 march 2019, announced that it would launch two indices of cryptocurrencies in the feeds financial Thomson Reuters (Refinitiv), Bloomberg Terminal, Nasdaq Global Index data Service (GIDS) and the Börse Stuttgart German. CMC Crypto 200 Index (CMC200) would include Bitcoin, covering more than 90% of the total market of the cryptocurrencies in circulation.CMC Cryptop 200 ex BTC Index (CMC200EX), serves to track the performance of the market without the influence of Bitcoin. The platform said that such indexes would be the information offerings of the cryptocurrencies in circulation, more understanding about the markets, to cover the 200 cryptocurrencies major by the total capitalization of the market.
The alliance with DATA
In may 2019, the platform, reviews of digital currency Crypto Briefing and the Alliance for Transparency and Accountability of Data (DATA) of CoinMarketCap. Finally, they launched a product of research and analysis of cryptocurrencies, Simetri. Carylyne Chan, explained:
“The combination of SIMETRI, and the initiative DATA from CoinMarketCap represents a positive trajectory for standardization of the criptodatos”.
The Capital, for its first conference
In November 2019, launched The Capital as a result of the growing community of cryptocurrencies. The conference brings together stakeholders from all corners of the world and provides them with key opportunities to connect, generate ideas and solve problems. Source: CoinMarketCap
CoinMarketCap was acquired by Binance
Binance, the largest exchange in the world, announced on the 2nd of April, through a statement on its blog, the acquisition of CoinMarketCap, after 7 years of its release. According to the official announcement, CoinMarketCap and Binance will continue to be separate entities with a strict policy of independence among themselves. No employee of Binance, including CZ, has control over the ranking algorithms or the processes of listing on CoinMarketCap. The executive director of Binance, Changpeng Zhao, says that the exchange wishes to help to CoinMarketCap, then 7 years old, for that follow the “building innovative and useful products to their users and the world community.“ In addition, he also believes that: “this latest agreement will help the two companies to develop the strengths of each, as well as to make the industry more transparent and accessible“. Eric Benz, the CEO of Changelly, also shared his opinion about of this alliance: “Binance has done a wonderful job for this to happen and also I wish you the greatest success possible for this platform even better for their users”. However, there are still concerns about whether Binance will develop the site to reinforce to Binance Coin (BNB) and its platform. Could we say that, CoinMarketCap has evolved in its 7 years old?