CoinMarketCap Review

Analyzing the cryptocurrency market can be a wild roller coaster ride filled with gains, losses, and new projects. To navigate the landscape effectively, people often turn to crypto-tracking tools. In this CoinMarketCap review, I'll introduce you to one such platform.

CoinMarketCap is known for providing market data and fostering a strong community, helping Web3 enthusiasts make informed decisions and connect with like-minded individuals.

But is CoinMarketCap legit? How does it stack up against other leading options like the BitDegree crypto tracker? Let's find out!

What is CoinMarketCap?

User CoinMarketCap reviews mention that this platform is among the popular options for crypto price tracking that also helps with portfolio management. Founded by Brandon Chez, a former programmer, in May 2013, the tracker continues growing its users, functionalities, assets, and information.

In 2018, CoinMarketCap launched its first iOS app to celebrate its fifth birthday, allowing users to access its features directly on their iPhones and iPads. The following year, the company launched the Android version and acquired Hashtag Capital, an electronic crypto trading fund.

In April 2020, CoinMarketCap was acquired by Binance, one of the world's top crypto exchanges by daily trading volume.

The team plans to use the parent company’s extensive sources to get more in-depth data on crypto projects, but it remains an independent business entity. It still has its own listing guidelines, supply calculation methods, liquidity score, and ranking criteria.

So, the platform's history might just answer the question, “Is CoinMarketCap legit?”, itself. Its acquisition by Binance, a major player in the crypto industry, and commitment to data accuracy and reliability suggests that it can be a trustworthy source of information.

Besides, the platform compiles data from hundreds of crypto exchanges to calculate average crypto prices.

CoinMarketCap Review: PROS

After discussing the basic concept of the platform, let's continue by highlighting the strengths praised in user CoinMarketCap reviews.

Extensive Price Tracking Features

CoinMarketCap makes price tracking easy with its intuitive homepage, dynamic Crypto Heatmap, and informative top menu.

Easy-to-Navigate Homepage

Users may find the homepage similar to other CoinMarketCap alternatives, with essential information at the top and a table listing available cryptocurrencies.

You can clearly see global market data, the most viewed cryptocurrencies on the platform, and the fear and greed index, which provides an accurate daily score ranging from 0 to 100. The higher the score, the greedier the market, and vice versa. Traders use such trackers to help decide when it is best to exit or enter the market (or to overall see the current sentiment).

Also, there's a table below that features standard metrics like hourly, daily, and weekly price changes, market capitalization, and trading volume. You can filter the crypto options by algorithm, platform, and more or customize the metrics to meet your analysis needs.

If you click on each cryptocurrency box, it directs you to a detailed page with answers to frequently asked questions, candlestick patterns, market sentiment towards the asset, and signals from the community dashboard.

For those who prefer seeing coins or tokens categorized into industries and networks, simply go to [Categories] or tabs with the fire emoji at the top of the table. These will show the tokens or coins grouped by a specific sector (like logistics or the Internet of Things) and directly highlight the top gainers for each category to help you quickly identify potential investment opportunities.

Additionally, Web3 art enthusiasts can check the [NFTs] tab that shows a table of the highest-priced NFT collections and individual assets, along with various metrics like market capitalization, sales volume, total sales, and price changes. There are also filters to narrow down the results by chain and period.

Crypto Heatmap: An Interactive Visual Analysis

For visual analysis, you can turn the table into a [Crypto Heatmap], a graphical representation of data where values are expressed as colors. Green and red indicate assets that have performed better or worse than yesterday, while grey represents those with no significant change.

By hovering on any section of the heat map, you can view the token's price, price change in percentage, market capitalization, and volume.

For your information, using heatmaps to analyze crypto markets brings many benefits.^[1] First of all, they enable investors to visually identify "superior performance areas" within a matrix of trading data, helping you make quicker and more informed decisions.

Traders can also recognize patterns and identify successful trading strategies faster. More importantly, heatmaps allow users to see a wide range of data at once, so you can better understand the range of possible outcomes.

📚 Read More: Top Crypto Trading Strategies

Comprehensive Top Menu

CoinMarketCap also offers an intuitive top menu for instant access to key sections and data.

For example, on the "Cryptocurrencies" menu on the top bar, you can find specific cryptocurrencies divided into several menus, such as "Ranking", "Categories", and "Gainers & Losers".

Besides cryptocurrencies, you can also check exchanges, where you can see the top centralized and decentralized exchanges ranked based on trading volumes, market share, and more.

Plus, you can use the CoinMarketCap Converter to quickly and easily convert between different cryptocurrencies. Simply select the currencies you want to convert from and to and input the amount in the left field.

Afterward, the tool will instantly display the converted amount, along with the current exchange rate. There's also a list of popular cryptocurrency conversion pairs for convenience.

A Convenient Portfolio Tracker

Beyond the crypto price tracker, CoinMarketCap helps you monitor all your holdings through its Portfolio feature. Proper portfolio management is essential for protecting your investments and making the most of them.^[2]

The tool gathers all your coins and tokens and shows your profits, losses, and valuation. It also comes with real-time price data that is sourced directly from CoinMarketCap insights. Whether you're using a desktop or mobile device, you can make use of all the Portfolio tracker features of the platform, from tracking transactions to visualizing your assets.

Generally, you need to enter your wallet address to start tracking your assets (I'll show you how to do that in the latter section). There’s also an option to monitor transactions manually or connect with an exchange account from Binance without using an API key.

When you enter the Portfolio dashboard, you will see the current balance, a chart that visualizes your performance over time, and a list of your assets. Let's say you'd like to keep track of your Bitcoin portfolio. Simply click on the coin and check how much of it you have, how much its price has changed in the last 24 hours, and whether you've made a profit or loss.

There's also a list of all the transactions you've recorded, which you can edit if needed. For those who want to track multiple investments, making different types of portfolios is possible.

Moreover, CoinMarketCap supports multiple blockchain networks, allowing users to track both balances and transaction histories.

Some chains have both features, while others may be limited to either balance tracking or transaction history only. For example, Ethereum and Polygon offer both, while Solana and Litecoin only support transaction history.

Personalized Watchlists

Another feature users compliment in their CoinMarketCap reviews is the Watchlist. Although the concepts of Portfolio and Watchlist features seem similar, they’re actually not. The first helps keep track of all your investments in one place. Meanwhile, the latter is like a bookmark list where you can save the cryptocurrencies you're interested in.

Instead of looking at different pages for prices, you can check your Watchlist to see the performance of the assets you're eyeing in one place. If you add a cryptocurrency to your Watchlist on your phone, you'll see it on your laptop, too. This way, you can always keep track of your favorite assets, no matter where you are.

To create this, you just need to go to the main Watchlist page and add the coins you want to follow. Next, customize your display by choosing up to 12 of the most important metrics, such as 24-hour or 7-day price changes, volume, total supply, or circulating supply.

The Watchlist is also shareable, helping you attract followers who are interested in seeing what you’re monitoring. Still, you have the option to keep it private. Plus, you can follow other people's Watchlists.

Similar to the portfolio feature, it’s possible to make multiple Watchlists for different purposes, like one for stablecoins and another for DeFi. I recommend giving each a unique name and description so you won't forget what it's about.

A Rewarding Loyalty Program

CoinMarketCap has a loyalty program to incentivize user participation. Users can earn Diamonds for their engagement and participation in various activities, such as visiting the platform every day, joining airdrops, and inviting friends.

Saving up Diamonds lets you get a mystery box from one of the partners’ platforms. Alternatively, you can redeem it with discount codes or free tickets to Web3-related events.

Previously, CoinMarketCap also had another earning program called "Learn-to-Earn", a concept that has been popular nowadays.

However, not much is known about the program's continuation, as the last giveaway was distributed in April 2023. The website currently only shows its past projects as well.

Now, if you've been collecting Diamonds through the loyalty program, you may wonder how to cash out on CoinMarketCap – converting your rewards or holdings into fiat currency. I saw that this is a common question among users. But first, it's important to clarify how the platform works.

So, when you use CoinMarketCap's Portfolio tracking, for example, your funds are not actually stored on the platform. Instead, they remain in the exchanges or wallets you've connected. Therefore, in such a case, you would need to withdraw your assets through your linked CEX, like Binance or Bybit, as those are where your funds are actually held.

Now, getting back to its Diamond system, while they can be redeemed for various rewards, including NFTs, merchandise, and event tickets, they are not directly convertible to fiat currency.

That being said, some users have reported having to pay gas fees to withdraw their earned assets, like NFTs (which is completely normal). Additionally, despite covering the necessary expenses, they have experienced delays or failed transactions. This could be due to network congestion, insufficient gas fees, or technical issues on CoinMarketCap’s end.

Community Features

Now, what kind of CoinMarketCap review would this be if I didn’t mention its community features? In essence, it offers a social media platform that looks much like X and is strongly focused on crypto. It features a feed of recent posts, trending topics, popular lives, and cryptocurrency-related articles.

Users can interact with any community by posting their thoughts, following other users, and commenting or reacting to other people’s posts. Like on X, you can share an image, GIF, and poll to engage your audience and spark discussions.

The "Bullish" and "Bearish options" also allow you to express your sentiments about the overall cryptocurrency market or specific assets. By selecting one of those options, you can indicate whether the market is headed for a rise (bullish) or a fall (bearish). It also has a section to display top topics and tokens mentioned in posts or comments in the last 24 hours.

Besides the timeline-based feed, you can access "Lives", which contains recordings of past live streams and a schedule for upcoming ones. Each content has information about the start time, the number of people going, and an option to set a reminder.

Furthermore, like popular social media platforms, CoinMarketCap offers verified badges to certain accounts, divided into four tiers:

• Projects. These include coins, tokens, and NFTs.
• Organizations. Examples are exchanges, fintech companies, and government.
• Key opinion leaders (KOLs). These are influencers, social media experts, and YouTubers.
• Media. Accounts that consist of news, blogs, reports, and analysis.

Those interested in getting the badge should complete the verification process by submitting a request, filling in a form, and showing that you post regularly on the community feed.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

CoinMarketCap Review: CONS

While the crypto tracker offers various features that many users find helpful, some user CoinMarketCap reviews on platforms like Trustpilot reflect dissatisfaction. Common themes in the feedback include issues related to data accuracy, platform usability, and customer support.

Bot Problem, Censorship, and Scam

CoinMarketCap's main problems, according to reviews, are bot problems and censorship. Many fake accounts flood the Community platform with spam, create a false sense of popularity for certain cryptocurrencies, and make it difficult to have meaningful discussions.

Furthermore, people frequently reported that their comments, especially those expressing negative or bearish sentiments about specific cryptocurrencies, were deleted. This censorship can create a distorted view of the market, as negative (but real) opinions are suppressed. Ultimately, such practices raise concerns about the platform's commitment to open and transparent discussions.

Unfortunately, users have reported that their warnings about scams are being flagged and removed while the actual frauds remain. The slow or non-existent response from support regarding moderation complaints has sparked frustration.

Information Overload

One thing that can be a downside as well as a benefit is CoinMarketCap's information overload. It provides an abundance of data on thousands of cryptocurrencies, from price charts to market cap, trading volume, and more. While this is great for experienced traders who need in-depth information, it can be a bit overwhelming for newcomers.

The platform's interface is packed with different metrics, and it can feel like there’s just too much to digest at once. For someone who’s trying to find a quick price or overview, it can feel like searching through a sea of data, which might make the user experience a bit cluttered and frustrating.

That said, this might be a problem of the way that information is presented. The BitDegree tracker, for example, puts more emphasis on the main stats and gives you more tabs you can explore if you want, rather than having most of the info on one page.

CoinMarketCap Pricing Plans (for API)

All features mentioned in this CoinMarketCap review so far are free. However, for developers who need to integrate the platform's insights into their applications or services, there are paid Application Programming Interface (API) plans for general crypto and decentralized finance data.

For Standard API (general crypto data), the pricing plans are the following:

Table: CoinMarketCap's pricing plans for API usage

Do note that you can save up to 20% from the prices listed in the table if you choose a yearly subscription instead of a monthly one.

However, if you specialize in on-chain analytics for DeFi trading and need data from major DEXs like Uniswap or SushiSwap, consider the DEX API pricing plans. There are two options:

• Standard (free)
• Enterprise (custom pricing)

The Standard plan is suitable for most users and provides free access to 8 data endpoints, 1 million call credits per month, and 300 queries per minute, making it ideal for personal use. The Enterprise plan is designed for funded and established projects that require higher usage limits.

How to Use CoinMarketCap

If you’ve made it this far and decided to use CoinMarketCap, let’s see how to create an account and set up a portfolio so you can easily track your assets.

How to Create a CoinMarketCap Account

Do note that to use the price tracker, you don’t have to create an account. Simply explore the homepage that displays a list of cryptocurrencies ranked by market capitalization. However, you have to sign up if you want to mark the asset as your favorite and add it to the Watchlist, as mentioned earlier in this CoinMarketCap review. So, here's how to do that:

Once you finish the second step, the CoinMarketCap Watchlist and Portfolio features will become accessible on the homepage.

You can further explore the platform by clicking on a cryptocurrency to view its detailed page, visiting your profile to track your holdings, or checking the top menus to learn about cryptocurrencies, access your portfolio, and join the community dashboard.

How to Track Your Portfolio With CoinMarketCap

Tracking your portfolio with CoinMarketCap is straightforward and allows you to monitor your investments in one place. Here's how:

CoinMarketCap Alternatives

In the previous sections of my CoinMarketCap review, I discussed the platform's features, strengths, and weaknesses. Now, let's shift our focus to its alternatives. They may offer unique perspectives, additional features, or a smoother, user-friendlier experience.

BitDegree VS CoinMarketCap

Known for being one of the top Web3 educators, BitDegree offers a robust crypto tracker that can be your alternative to CoinMarketCap. With a strong reputation, it has received many five-star reviews on Trustpilot, reflecting its reliability and user satisfaction.

The tracker is designed with beginners in mind. For instance, the [i] button provides clear definitions and explanations for technical terms, making it easy to understand even for those new to crypto. You can also click [Learn this metric] in the [i] bubble to get more detailed explanations. Also, there's less information packed into one page.

Besides, BitDegree's crypto tracker offers a more diverse range of social signals, including those from Reddit, Telegram, and X, giving you a broader perspective on market sentiment compared to CoinMarketCap's focus on its own community.

Plus, if you want to compare exchanges, BitDegree has a more comprehensive feature set than CoinMarketCap, helping you make more informed decisions. You can find both side-by-side comparisons, as well as extensive reviews for each platform.

Though, unlike CoinMarketCap, BitDegree does not offer a portfolio tracking feature. Also, it doesn't track such a huge variety of assets. That said, its tracker is just a small part of a much bigger ecosystem that is all about learning, gamification, and rewarding experiences.

📚 Read More: The Ultimate BitDegree Guide

CoinGecko VS CoinMarketCap

CoinGecko is one of the most popular platforms for tracking cryptocurrency prices and market data. It even gets 4.8 out of 5 stars on the App Store. Is it that good? Well, it has a clutter-free and user-friendly interface, similar to CoinMarketCap in its table layout, highlights design, and even the arrangement of the crypto page.

CoinGecko is also compatible with Windows, Linux, and macOS, and it has Android and iOS apps, which are convenient for those who prefer to monitor the market on their mobile devices.

The main difference I noticed is that CoinMarketCap focuses more on displaying its community features. For example, it has a dedicated online forum that shows crypto-related comments.

Also, CoinMarketCap is owned by the group in charge of the Binance exchange, which enables the platform to have the said CEX's related features, like connecting to it without an API key. For Binance users, this helps streamline their experience.

CoinGecko, on the other hand, is independent and does not have direct ties to any major exchange. This independence may result in a broader range of perspectives and potentially more neutral data interpretations.

Furthermore, unlike CoinMarketCap, which allows you to enter your wallet address and sync the data automatically, CoinGecko still requires users to input data manually if they want to use the portfolio tracking feature.

CryptoCompare VS CoinMarketCap

Another popular CoinMarketCap alternative is CryptoCompare, launched in 2014. While being a pioneer in the space might seem like an advantage, it doesn't always translate to a superior user experience.

Its outdated design can be frustrating, as the cluttered interface, intrusive ads, and overlapping elements detract from the user experience. This can make it difficult to navigate the platform and find the information you need, especially for those new to cryptocurrency.

I also spotted some inaccurate data. For instance, it underreports the number of trading pairs on Binance, listing only a fraction of the actual market.

Despite such shortcomings, CryptoCompare offers valuable features. For instance, its public portfolio list allows users to track the performance of other traders and investors. Doing so can help you gain insights into different investment strategies, helping you identify opportunities and even benchmarking your own portfolio against others.

Additionally, its focus on crypto mining data, including comparisons and profitability calculators, can be useful for those interested. By providing detailed information on mining hardware, electricity costs, and network difficulty, CryptoCompare helps miners make informed decisions about their operations.

Conclusions

To summarize the key points I've discussed in this CoinMarketCap review, I think we can conclude that this platform is a good resource for crypto enthusiasts. It helps them analyze market data, track portfolios, engage with other like-minded individuals, and learn through its educational materials.

Still, many reported that it has issues with its Community platform moderation. Also, the amount of information you get on one page can sometimes seem a bit overwhelming if you just want to check the price of an asset.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Day M., Ni Y., Hsu C., Huang P.: 'Visualizing Profitability: A Heatmap Approach to Evaluate Bitcoin Futures Trading Using VMA Trading Rules';

2. Sahu S., Vázquez J.H.O., Ramirez A.F., Kim J.: 'Analyzing Portfolio Optimization in Cryptocurrency Markets: A Comparative Study of Short-Term Investment Strategies Using Hourly Data Approach'.