CoinMarketCap has competitors. Also, the exchange operator Interncontinental Exchange, the owner of the New York Stock Exchange, recently announced plans to begin providing data on bitcoin trading to investment banks and professional traders. Nevertheless, the website of Chez has a strong influence on the market.
On January 7, Chez decided to exclude data on trading on exchanges in South Korea from the CoinMarketCap algorithms without warning, as the prices there were significantly higher than in other countries. Some participants in the industry thought that Korean traders artificially overestimated the bitcoin rate. But without data on trades in South Korea, the quotes for the crypto-currency on CoinMarketCap fell sharply the next day. This caused discontent among many traders.
Nevertheless, according to Alexa Internet (Amazon’s service), CoinMarketCap has since then risen from 142nd to 117th place in the ranking of the most visited sites in the world, ahead of even the Chinese online retailer Alibaba and most US news sites. This is a good result for a company that does not have an office and uses mainly Twitter and Facebook accounts to communicate with the outside world. The website does not contain information about employees and contact information, except for e-mail.
Part of the growth of the popularity of the site is related to rally in other crypto currencies, in addition to bitcoin. CoinMarketCap displays quotations of more than 1100 such currencies - from the second most popular Ethereum to AppleCoin, whose market capitalization on Monday was only $ 23.
CoinMarketCap collects data on the trading of crypto-currencies from various exchanges and calculates common quotes on their basis, according to which it is easier for investors to monitor the rates of the Crypto-currency. Also, the site reflects information on the market capitalization. Apparently, CoinMarketCap makes money selling online advertising through Google. The form for potential advertisers says that it costs at least $ 20,000.
In an e-mail to WSJ, Chez said that he decided to change the algorithm on January 7. But it is still not clear when exactly it came into force. On Monday, January 8, Bitcoin’s rate and dozens of other crypto-currencies fell, in some cases by 15% or more. On the same day, it became known that the South Korean authorities were checking the use of large banks by the crypto currency, and after lunch, CoinMarketCap reported on Twitter about the exclusion of data from some Korean exchanges. According to Chez, many users complained about the inaccuracy of quotations, but he "did not realize what a great impact" this step would have. "I think that at that moment the market had already begun to decline, so the time was chosen rather unsuccessfully," he said.
source: wsj.com
On January 7, Chez decided to exclude data on trading on exchanges in South Korea from the CoinMarketCap algorithms without warning, as the prices there were significantly higher than in other countries. Some participants in the industry thought that Korean traders artificially overestimated the bitcoin rate. But without data on trades in South Korea, the quotes for the crypto-currency on CoinMarketCap fell sharply the next day. This caused discontent among many traders.
Nevertheless, according to Alexa Internet (Amazon’s service), CoinMarketCap has since then risen from 142nd to 117th place in the ranking of the most visited sites in the world, ahead of even the Chinese online retailer Alibaba and most US news sites. This is a good result for a company that does not have an office and uses mainly Twitter and Facebook accounts to communicate with the outside world. The website does not contain information about employees and contact information, except for e-mail.
Part of the growth of the popularity of the site is related to rally in other crypto currencies, in addition to bitcoin. CoinMarketCap displays quotations of more than 1100 such currencies - from the second most popular Ethereum to AppleCoin, whose market capitalization on Monday was only $ 23.
CoinMarketCap collects data on the trading of crypto-currencies from various exchanges and calculates common quotes on their basis, according to which it is easier for investors to monitor the rates of the Crypto-currency. Also, the site reflects information on the market capitalization. Apparently, CoinMarketCap makes money selling online advertising through Google. The form for potential advertisers says that it costs at least $ 20,000.
In an e-mail to WSJ, Chez said that he decided to change the algorithm on January 7. But it is still not clear when exactly it came into force. On Monday, January 8, Bitcoin’s rate and dozens of other crypto-currencies fell, in some cases by 15% or more. On the same day, it became known that the South Korean authorities were checking the use of large banks by the crypto currency, and after lunch, CoinMarketCap reported on Twitter about the exclusion of data from some Korean exchanges. According to Chez, many users complained about the inaccuracy of quotations, but he "did not realize what a great impact" this step would have. "I think that at that moment the market had already begun to decline, so the time was chosen rather unsuccessfully," he said.
source: wsj.com
