{"id":8583,"date":"2020-04-03T15:37:01","date_gmt":"2020-04-03T12:37:01","guid":{"rendered":"https:\/\/forklog.media\/?p=8583"},"modified":"2020-04-04T00:00:50","modified_gmt":"2020-04-03T21:00:50","slug":"coinmarketcap-vs-coingecko-choosing-tools-to-analyze-crypto-markets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinmarketcap-vs-coingecko-choosing-tools-to-analyze-crypto-markets\/","title":{"rendered":"CoinMarketCap vs. CoinGecko: Choosing Tools to Analyze Crypto Markets"},"content":{"rendered":"<p>Services that aggregate data from the cryptocurrency markets are some of the most demanded tools for day-to-day analytics among investors. Such services provide information about the state of the market, prices and market capitalization of assets, exchange trading volumes, listed coins, and trading pairs.<\/p>\n<p><!--more--><\/p>\n<p>Over time, they introduce more functions and refine the methods of calculating particular metrics. Therefore, despite the seemingly identical abilities, there are significant differences between such analytical services.<\/p>\n<p>We compared the leading market analytics platform CoinMarketCap and its main competitor CoinGecko.<\/p>\n<h2>Popularity<\/h2>\n<p>According to <a href=\"https:\/\/www.similarweb.com\/website\/coinmarketcap.com?competitors=coingecko.com\">SimilarWeb<\/a>, in February, CoinMarketCap (CMC) website was visited 37 million times, compared to CoinGecko\u2019s 8.33 million.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Traffic-1024x389.png\" alt=\"Total visits for CMC and CoinGecko websites\" width=\"1024\" height=\"389\" \/><\/p>\n<p><i>Total visits for CMC and CoinGecko websites. Source: SimilarWeb<\/i><\/p>\n<p>Both services\u2019 monthly traffic is growing. Although, CoinGecko isn\u2019t growing as fast as CMC and has less than a quarter of the big one\u2019s user base.<\/p>\n<p>SimilarWeb\u2019s report shows the traffic dynamics of CoinGecko and CMC from March 2019 to February 2020.<\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\"text-decoration: underline;\" title=\"View Website Analysis &amp; Insights.april 2020 (1) on Scribd\" href=\"https:\/\/www.scribd.com\/document\/454384176\/Website-Analysis-Insights-april-2020-1#from_embed\">Website Analysis &amp; Insi&#8230;<\/a> by <a style=\"text-decoration: underline;\" title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" class=\"scribd_iframe_embed\" title=\"Website Analysis &amp; Insights.april 2020 (1)\" src=\"https:\/\/www.scribd.com\/embeds\/454384176\/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-a7alUso9aZgdivPxeyee\" width=\"100%\" height=\"600\" frameborder=\"0\" scrolling=\"no\" data-auto-height=\"true\" data-aspect-ratio=\"0.7066666666666667\"><\/iframe><\/p>\n<p>CoinMarketCap was also recently <a href=\"https:\/\/www.theblockcrypto.com\/post\/60595\/binance-confirms-acquiring-coinmarketcap\">acquired<\/a> by the leading cryptocurrency exchange Binance. The deal may lead to a significant traffic increase for CoinMarketCap. Given Binance\u2019s financial resources, the service may also get a boost in terms of development.<\/p>\n<p>As for the respective mobile apps, the usage rank metrics of CMC and CoinGecko aren\u2019t that different.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/App-ranking-1024x612.png\" alt=\"SimilarWeb\u2019s Usage Rank metric for CMC\u2019s and CoinGecko\u2019s apps\" width=\"1024\" height=\"612\" \/><\/p>\n<p><i>SimilarWeb\u2019s Usage Rank metric for CMC\u2019s and CoinGecko\u2019s apps. Source: SimilarWeb<\/i><\/p>\n<p>This may have to do with the fact that CoinMarketCap <a href=\"https:\/\/twitter.com\/CoinMarketCap\/status\/1118120192545046528\">released<\/a> its app in April 2019, while CoinGecko did that almost a year earlier.<\/p>\n<p>CoinGecko also has a slightly higher Google Play rating: 4.7 against CMC\u2019s 4.3.<\/p>\n<p>To be fair, there are other services similar to CoinGecko and CMC, such as Coincap.io, Coinpaprika.com, Cryptocompare.com, and Livecoinwatch.com, they <a href=\"https:\/\/www.similarweb.com\/website\/coincap.io?competitors=coinpaprika.com\">get<\/a> many times fewer visitors than the leaders of this segment.<\/p>\n<h2>Crypto-Asset Ratings<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CoinGecko1-2-1024x582.png\" alt=\"Top-10 assets on CoinGecko as of March 28th, 2020\" width=\"1024\" height=\"582\" \/><\/p>\n<p><i>Top-10 assets on CoinGecko as of March 28th, 2020. Source: CoinGecko<\/i><\/p>\n<p>CoinGecko offers filters allowing users to sort assets by a set of criteria. Conveniently, for each asset, the table shows the ticker and the price dynamics for the last hour, 24 hours, a week, and 30 days. You can also see the Total Supply volume (not the same as Circulating Supply representing the number of coins released into the market).<\/p>\n<p>CoinMarketCap has a different default view showing only the 24-hour price change, but the <a href=\"https:\/\/coinmarketcap.com\/all\/views\/all\/\">Full list<\/a> mode shows all the other metrics as well.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/cmc1-1024x465.png\" alt=\"CoinMarketCap\u2019s list of the top assets by market capitalization shown in full mode\" width=\"1024\" height=\"465\" \/><\/p>\n<p><i>CoinMarketCap\u2019s list of the top assets by market capitalization shown in full mode. Source: CoinMarketCap<\/i><\/p>\n<p>Notably, CoinGecko lists OKEx\u2019s OKB token as 10th, while CMC has given the same place to Tezos. It is likely that one of the services had an incorrectly set Circulating Supply parameter.<\/p>\n<h2>Exchange Rating by Volume and Liquidity<\/h2>\n<p>The problem of representing the real exchange trading volume is still not completely solved, despite the efforts of many projects. There are often discrepancies in the data from different sources and sometimes small platforms get to the top lists.<\/p>\n<p>CoinMarketCap has three versions of ratings for exchanges:<\/p>\n<ul>\n<li><a href=\"https:\/\/coinmarketcap.com\/rankings\/exchanges\/\">Top 100 By Adjusted Volume<\/a> includes volumes of spot trading platforms where there is no zero-fee trading and Trade-to-Mine mining model, which involves rewarding active traders with tokens.<\/li>\n<li><a href=\"https:\/\/coinmarketcap.com\/rankings\/exchanges\/reported\/\">Top 100 By Reported Volume<\/a> includes volumes of all spot trading platforms regardless of the trading models they use.<\/li>\n<li><a href=\"https:\/\/coinmarketcap.com\/rankings\/exchanges\/liquidity\/\">By Liquidity<\/a> sorts all platforms by liquidity.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CMC-Adjusted.png\" alt=\"Top 100 By Adjusted Volume list\" width=\"1069\" height=\"694\" \/><\/p>\n<p><i>Top 100 By Adjusted Volume list. Source: CoinMarketCap<\/i><\/p>\n<p>In the list on the screenshot above, the top list includes less-known platforms, while Binance is listed 16th.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/cmc-Reported-1024x581.png\" alt=\"Top 100 By Reported Volume list\" width=\"1024\" height=\"581\" \/><\/p>\n<p><i>Top 100 By Reported Volume list. Source: CoinMarketCap<\/i><\/p>\n<p>In the Top 100 By Reported Volume list Binance is leading, but two somewhat obscure platforms BKEX and MXC are competing for the 2d and 3rd places.<\/p>\n<p>Calculating the liquidity involves a lot of factors, such as market order sizes and order-book depth changes and distance from mid-price. Market pairs are polled at random over 24 hours and the average results are then used in the calculation.<\/p>\n<p>According to CoinMarketCap\u2019s chief strategy officer Carylyne Chan, liquidity is the most important metric for investors and traders. CMC\u2019s <a href=\"https:\/\/support.coinmarketcap.com\/hc\/en-us\/articles\/360035679972-Liquidity\">support section<\/a> lists several key takeaways regarding liquidity:<\/p>\n<ul>\n<li>The more liquid the market, the easier it is to buy and sell an asset.<\/li>\n<li>Volume alone is not an effective indicator of a market\u2019s liquidity, due to volume inflation by several cryptocurrency exchanges since 2017.<\/li>\n<li>Liquidity is a more relevant metric for quickly identifying the most liquid markets for the crypto-asset a user wishes to trade.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/cmc-by-liquidity-1024x445.png\" alt=\"CMC\u2019s Liquidity ranking\" width=\"1024\" height=\"445\" \/><\/p>\n<p><i>CMC\u2019s Liquidity ranking. Source: CoinMarketCap<\/i><\/p>\n<p>The list of platforms by liquidity includes the most popular exchanges, so it may be a better representation of the actual state of the market than the volume-based metrics describe earlier.<\/p>\n<p>CoinGecko approached the problem of trading volume misrepresentation by <a href=\"https:\/\/blog.coingecko.com\/trust-score\/\">introducing<\/a> the Trust Score metric based on normalized trading volumes in 2019.<\/p>\n<p>The method behind Trust Score <a href=\"https:\/\/www.coingecko.com\/en\/methodology\">involves<\/a> analyzing the web traffic and order book spread, as well as Bitwise\u2019s data for 10 trusted exchanges.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Trust-Score-CoinGecko-1024x576.png\" alt=\"Top-10 platforms ranked by Trust Score\" width=\"1024\" height=\"576\" \/><\/p>\n<p><i>Top-10 platforms ranked by Trust Score. Source: CoinGecko<\/i><\/p>\n<p>It is apparent that CoinGecko\u2019s list differs from that of CoinMarketCap. The rating by Bitwise largely corresponds with CoinGecko\u2019s list.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitwise-5.png\" alt=\"Exchanges ranked by daily Bitcoin trading volume\" width=\"755\" height=\"881\" \/><\/p>\n<p><i>Exchanges ranked by daily Bitcoin trading volume. Source: Bitwise<\/i><\/p>\n<p>Unlike CMC, CoinGecko doesn\u2019t have a separate section for liquidity ranking. The metric is shown for each platform individually:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Binance-Liquidity-CoinGecko.png\" alt=\"Binance liquidity overview\" width=\"1003\" height=\"726\" \/><\/p>\n<p><i>Binance liquidity overview. Source: CoinGecko<\/i><\/p>\n<p>Reported and Normalized trading volume and their ratio, as well as the average spread between the bid and ask prices are also displayed here.<\/p>\n<h2>Individual Asset Data<\/h2>\n<p>In terms of presenting the information about individual coins, the two services also have substantial differences.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-CMC-1024x852.png\" alt=\"CoinMarketCap\u2019s page for Bitcoin\" width=\"1024\" height=\"852\" \/><\/p>\n<p><i>CoinMarketCap\u2019s page for Bitcoin. Source: CoinMarketCap<\/i><\/p>\n<p>Aside from the general information about the coin, trading volume, supply, links to block explorers, source code, technical documents, and price chart, CMC offers the <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/markets\/\">list of trading pairs<\/a> with BTC and <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/historical-data\/\">historical data<\/a> about the price and market cap.<\/p>\n<p>For those interested in fundamental analysis there is a <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/onchain-analysis\/\">section<\/a> with on-chain metrics by IntoTheBlock and <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/ratings\/\">data<\/a> from the Fundamental Crypto Asset Score (FCAS) ranking system by Flipside Crypto.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-CoinGecko.png\" alt=\"CoinGecko\u2019s page for Bitcoin\" width=\"1228\" height=\"671\" \/><\/p>\n<p><i>CoinGecko\u2019s page for Bitcoin. Source: CoinGecko<\/i><\/p>\n<p>CoinGecko\u2019s page isn\u2019t lacking information either. Namely, it includes:<\/p>\n<ul>\n<li>The general information about the asset and its underlying technology, market data, capitalization, domination index, trading volumes, and peak extremes for the last 24 hours;<\/li>\n<li>Trading volume to market capitalization ratio;<\/li>\n<li>An option to vote in line with one\u2019s expectations regarding the future price;<\/li>\n<li>An option to show candlestick chart from TradingView;<\/li>\n<li>Onchain indicators by IntoTheBlock;<\/li>\n<li>Social network activity (Social tab);<\/li>\n<li>Developers\u2019 activity on GitHub (Developer tab);<\/li>\n<li>Code for embedded widgets, links to informational resources, and a news feed;<\/li>\n<li>A list of platforms and trading pairs with the coin in question (Markets tab);<\/li>\n<li>The countdown for the next reward halving.<\/li>\n<\/ul>\n<p>CoinGecko also has certain information that isn\u2019t represented on CMC, namely the <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin#developer\">development<\/a> and <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin#social\">social media<\/a> activity stats, <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin#news\">news<\/a>, and <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin#guides\">links<\/a> to educational materials.<\/p>\n<h2>Derivatives<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Derivatives-CMC-1024x739.png\" alt=\"CoinMarketCap\u2019s Derivatives section\" width=\"1024\" height=\"739\" \/><\/p>\n<p><i>CoinMarketCap\u2019s Derivatives section. Source: CoinMarketCap<\/i><\/p>\n<p>While CMC\u2019s Derivatives page is straightforward, CoinGecko splits it into two tabs: Products and Exchanges. The products tab shows data for perpetual swaps and futures in separate lists.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Derivatives-CoinGecko-1024x453.png\" alt=\"CoinGecko\u2019s Derivatives section with the list of perpetual contracts\" width=\"1024\" height=\"453\" \/><\/p>\n<p><i>CoinGecko\u2019s Derivatives section with the list of perpetual contracts. Source: CoinGecko<\/i><\/p>\n<p>Aside from the usual metrics like trading volume and price, this section shows:<\/p>\n<ul>\n<li>Price change for 24 hours;<\/li>\n<li>Index price based on data from several spot exchanges;<\/li>\n<li>Basis, representing the difference between the spot price and the futures price of the base asset;<\/li>\n<li>Bid-ask spread;<\/li>\n<li>Funding Rate;<\/li>\n<li>Open Interest.<\/li>\n<\/ul>\n<p>In this section, CoinGecko provides more information than CoinMarketCap.<\/p>\n<h2>Crypto-Lending and Decentralized Finance<\/h2>\n<p>CoinMarketCap <a href=\"https:\/\/interest.coinmarketcap.com\/currencies\/bitcoin\">shows<\/a> interest rates on deposits and loans for individual coins and services, both centralized and DeFi.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CMC-Interest-1024x580.png\" alt=\"CoinMarketCap\u2019s Interest section\" width=\"1024\" height=\"580\" \/><\/p>\n<p><i>CoinMarketCap\u2019s Interest section. Source:CoinMarketCap<\/i><\/p>\n<p>CoinGecko shows just the interest rates for deposits.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CoinGecko-Earn-1024x565.png\" alt=\"CoinGecko\u2019s Earn section\" width=\"1024\" height=\"565\" \/><\/p>\n<p><i>CoinGecko\u2019s Earn section. Source: CoinGecko<\/i><\/p>\n<p>Although, there is a simple calculator to estimate growth per month, year, 5 years or 10 years.<\/p>\n<h2>Miscellaneous Features<\/h2>\n<p>An interesting feature of CoinMarketCap is the historical snapshot with rankings of the top assets in the past.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Historical-Snapshot-1024x624.png\" alt=\"CMC\u2019s Historic Snapshot section showing Top-10 crypto-assets by market capitalization as of May 4th, 2013\" width=\"1024\" height=\"624\" \/><\/p>\n<p><i>CMC\u2019s Historic Snapshot section showing Top-10 crypto-assets by market capitalization as of May 4th, 2013. Source: CoinMarketCap<\/i><\/p>\n<p>Evidently, a lot has changed since then, except for Bitcoin domination.<\/p>\n<p>CoinGecko has its Compare section to compare coins.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CoinGecko-Compare-1024x709.png\" alt=\"CoinGecko\u2019s Compare section\" width=\"1024\" height=\"709\" \/><\/p>\n<p><i>CoinGecko\u2019s Compare section. Source: CoinGecko<\/i><\/p>\n<p>Here users can compare prices, capitalization, supply, price dynamics, and other parameters of Bitcoin, Bitcoin Cash, and Ethereum.<\/p>\n<h2>Conclusion<\/h2>\n<p>Both services have their pros and cons.<\/p>\n<p>CoinMarketCap has a minimalistic interface but a narrower set of functions. CoinGecko offers more metrics and sections but lacks a subsection with crypto-lending interest rates and something similar to CMC\u2019s Historical Snapshot page.<\/p>\n<p>Still, both services are worth considering and may be used simultaneously for maximum use to investors.<\/p>\n<p><i>Written by Alexander Kondratiuk<\/i><\/p>\n<p><b>Follow us on <\/b><a href=\"https:\/\/twitter.com\/forklogmedia\"><b>Twitter<\/b><\/a><b> and <\/b><a href=\"https:\/\/www.facebook.com\/forklogmedia\"><b>Facebook<\/b><\/a><b> and join our <\/b><a href=\"https:\/\/t.me\/forklogmedia\"><b>Telegram channel<\/b><\/a><b> to know what\u2019s up with crypto and why it\u2019s important.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Services that aggregate data from the cryptocurrency markets are some of the most demanded tools for day-to-day analytics among investors. Such services provide information about the state of the market, prices and market capitalization of assets, exchange trading volumes, listed coins, and trading pairs.<\/p>\n","protected":false},"author":6,"featured_media":8584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1098,1000,172],"class_list":["post-8583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coingecko","tag-coinmarketcap","tag-markets"],"aioseo_notices":[],"amp_enabled":true,"views":"2667","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=8583"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8583\/revisions"}],"predecessor-version":[{"id":8587,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8583\/revisions\/8587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/8584"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=8583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=8583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=8583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}