Hello everyone, I welcome you all to another new week in the Crypto academy class. I am @tayetaiwo and this week I attended the lecture of professor @stream4u and now I will be attending to his homework task sit back and enjoy the ride.
Q 1. What Is Coinmarketcap.com?
CoinMarketcap.com is one of the most prominent and largest cryptocurrency monitoring websites. Bradon Chez launched the company in late May of 2013. This is also one of the most widely used cryptocurrency analytics platforms, providing a ton of information ranging from price to market capitalization. The most significant development to coinmarketcap occurred in 2020, when Binance Capital Management purchased the company, and as we all know, Binance is also the world's largest cryptocurrency exchange. Coinmarketcap has grown to the point that it now lists over 10,000+ coins and 300+ crypto exchanges that are active and provide information on various currencies.
In general, Coinmarketcap was designed for users in the crypto ecosystem to keep track of different assets by providing the assets' live values, ranks by market capitalization, the price behavior of the assets over time, the platforms where individual assets may be traded, and a variety of other data. A user can also acquire other information such as NFT, airdrops, ICO, newly added coin/exchange, Crypto news, and design their own portfolio in addition to asset information. It also lists some of its various offerings, including the platform mobile apps, converters, swaps, and blockchain explorers which I will explore later.
Q 2. How Coinmarketcap.com is useful for Crypto User/Trader?
Like I highlighted earlier Coinmarketcap gives in-depth information on cryptocurrencies in an easy-to-understand way, Traders can gain a lot from them. As a trader and a Crypto lover when I log onto the coinmarketcap website, the first thing that caught my attention is the cryptocurrency's price, the price change in percentage (%) over the last 24hr and 7 days, the volume of the asset in the last 24hrs, the market capitalization, as well as Circulating Supply and asset chart patterns (7 days), as a trader and crypto fan I found all this useful all this can help in analysing the market.
Price
Coinmarketcap gives information about an asset's price. This will aid the trader to decide whether or not he has the financial means to buy whatever coin he wants. It would also assist the trader in determining the amount of such a coin that could be purchased with the funds available with him. These price of the asset are usually generated as weighted averages of the prices reported on various crypto exchanges where the relevant cryptocurrency pairs are available. The 24-hour price change is attached to the price and gives an overview of the price fluctuation in (%) over the last 24 hours.
Market Capitalization
Coinmarketcap displays the market capitalization of all available assets while also ranking them in order of market capitalization. The current price of a crypto asset is multiplied by the current circulating supply of that same crypto asset to compute the market capitalisation of that coin. If the market capitalization is greater than $10 billion, it is regarded large capital; if it is between $1 billion and $10 billion, it is considered mid-capital; and if it is less than $1 billion, it is considered little capital.
Below is the screenshot of Bitcoin market capitalization.
Note Bitcoin is ranked #1 and it consider large capital because it market capitalization is more than $10 billon, it is currently at $634,937,290,961 making it the coin with the most largest market capitalization.
Trading Volume (24hrs)
The trading volumes of the assets available on coinmarketcap are typically displayed, and they can assist a trader in determining how profitable a crypto asset might become in the future. Larger numbers of cryptocurrency transactions have the potential to raise the asset's price and give it more stability. The volume is usually calculated by collecting all the total volume of the particular asset from the listed exchanges and adding it up for example
If $3 billion worth of Bitcoin was traded on Binance, $2 billon worth of Bitcoin was traded on Coinbase, and $1 billion worth of Bitcoin was traded on Huobi global... This gives Bitcoin a 24-hour trading volume of $5 billion and this is exactly how the data is gathered for all assets to present their trading volume (24hrs).
Circulating Supply
Coinmarketcap also informs traders on the current circulating supply of every asset. The circulating supply is significant because it informs traders of the total supply of issued coins currently in circulation. A large circulating supply of an asset with low demand results in lower asset prices. On the other hand, a small circulating supply combined with high demand would result in higher asset prices. This knowledge and information is critical for analysing the market and making good investment decision.
Chart pattern of 7 days
The coinmarketcap interface also provides traders with a lot of information about a crypto-price asset's chart over the last seven days. The trader/user may quickly monitor the asset's oscillations in its price movement to determine whether it is increasing in value or decreasing in value. This would be a good starting point for determining which crypto assets are worth investing in.
There are also some important features that also caught my attention, which are Watchlist and Portfolio.
Watchlist
Watchlist on Coinmarketcap is another wonderful feature that allows users to keep track of their favorite crypto assets and analyze their market behavior over time, Users can easily keep an eye on there favourite assets to see how they're doing before making an investment decision with the watchlist. with over a thousand crypto assets listed on the platform it's not easy to keep scrolling through thousands of crypto assets every day to see which ones are good for investment, the Coinmarketcap watchlist allows users to add favorite coins to the watchlist for easy tracking.
Portfolio
Portfolio is another wonderful feature which allows users to centralize their assets in order to better monitor their investments. The portfolio is made up of assets that users have accumulated through time, traders can easily check the profit and loss status of their crypto asset in the portfolios, as well as the value of their holdings.
To access the Watchlist and portfolio, user needs to sign in to CoinMarketcap
Q 3. Explain the Individual Page for each Crypto Coin on CoinMarketCap.
On Coinmarketcap, there is a section where a user can learn everything there is to know about any crypto asset. It very easy and enough to click on the crypto asset to learn more about them. Overview, Market, Historical Data, Holders, Wallets, News, Socials, Ratings, Analysis, and Price Estimated are some of the sections. These sections are also sub-divided.
Let discuss each section and the sub-section one after the other.
Note: I will be using Bitcoin page to explore all this features
Overview
This section contains some important information of the selected crypto asset. The section shows a chart for the crypto asset here. The price chart, market capitalisation chart, and tradingview chart are the three types of charts available. On the price chart, user can see the asset's price history from the beginning to the present. In the same way, on the market capitalization user can view the chart of the market capitalisation from the beginning to where it is currently. Then, on the tradingview chart, you can see how the asset's price movement on the Tradingview platform.
 |  |  |
|---|
Market
The market on the selected asset page displays information on the cryptocurrency exchanges and asset pairs where the selected crypto assets are currently listed. This information is displayed are for spot, perpetual, and futures markets exchanges. In addition, it shows the prices of the same item on various markets or exchanges, which may differ and provide a chance for arbitrage trading. It also shows the trading volumes on various marketplaces or exchanges, as well as the liquidity of the asset in such markets.
Historical Chart
The historical chart is another feature on the page of the selected crypto assets. This historical data feature shows the asset's price history from the time it was originally listed to the present day. It shows the opening prices, high prices, low prices, and closing prices for each day. On the same days, it also shows the volumes and related market capitalizations. There is an option to specify the date range that should be presented.
Holders
This feature provides information on the total number of unique addresses currently holding the selected crypto asset. It once again provides details on the active addresses that have exchanged the coin in the previous 24 hours. It also lists the top 10, top 20, top 50, and top 100 wallets, together with the proportion of the cryptocurrency they hold.
Wallets
This feature displays the various platform (companies) who offer wallets for the crypto-asset in question. After looking over these wallets, a user now have the option of choosing between hot wallets, cold wallets, and paper wallets. Wallet providers like as the trust wallet, Ledger Nano, and Trezor, among others, are very common.
News
This is another feature on the individual page which is further sub-divided into Latest news and Alexandria, the latest news allow the user to find all cryptocurrency related news, while Alexandria is an innovation of CoinMarketcap that shows the latest Crypto news on the platform latest news .
Socials
The socials feature allows users to quickly locate various social media links where talks about a specific/selected crypto asset are taking place. The user may decide to use the links provided to join the many social communities associated with various crypto assets.
Ratings
This feature provides information on a user's opinion of a certain asset. Coinmarketcap does not perform or calculate these reviews or ratings. Rather, third-party websites calculate them based on user activity, market maturity, and developer behavior of the selected crypto currency. In most cases, it displays the health status,score and highlights.
Analysis
This feature allows the user to forecast whether cryptocurrencies will rise or fall in value. Cryptocurrencies are studied using extremely precise information, this help the user to make the decision of whether to buy, sell or hold.
Price estimate
This feature uses the rebuilt softwares to estimate the pricing for the future month. Although coinmarketcap is still in beta, it is a very important software that helps traders understand the market and how it works. It also aids traders in deciding whether to keep or sell an asset in the future.
Q 4. Explain in detail any 5, what are the CORE Features and Sub Features available on Coinmarketcap.com?
Coinmarketcap has a lot of features that are classified into two categories: Core and Sub-core. I'll discuss some of the Core and Sub-Core features accessible on Coinmarketcap in this task.
Cryptocurrencies
This is one of the Core section, in this Section coinmarketcap site provides the most detailed information. There are sub-sections which include Ranking, Recently Added, Legal Tender Cointries, GlobalCharts, Fiats/ Companies Ranking, Spotlight, Top Gainers and Losers, Historical Snapshots. All this helps the user to navigate around the platform and find detailed information.
Ranking
This sub-section displayed the ranks of cryptocurrencies based on their market capitalization. In term of market cap, Bitcoin and Ethereum are currently in the top two with 1 and 2 respectively. Additionally, cryptocurrencies ranks can be sorted by their prices, changes in the last 24 hours or 7 days, volume in the last 24 hours, and circulating supply.
Recently Added
This sub-section allow user to see the newly added crypto asset on coinmarketcap, This include the added asset information, which include the asset's price, changes in the last 1 hour and 24 hours, volumes in the last 24 hours, the blockchain the coin is located, and when it was added to coinmarketcap.
Traders may get a lot of information about newly added assets to coinmarketcap by using this data. They will have enough knowledge of the coin future performances.
Exchanges
Exchange is another Core feature on the CoinMarketcap which include the list of all the exchanges that are listed on the platform, this core feature is divided into sub-section which include; Spot, Derivatives, Dex, Lending.
Spot
This sub-section listed all the Exchanges that offer Spot trading, some other important information are also listed which include liquidity trade volumes, user visits, the number of markets, and the number of coins on the market are all available. All this information are also used to ranked the exchange not forgetting the credit scores. Binance is topping the list, while Coinbase is 2nd with 9.9 and 8.8 credit scores respectively.
Derivatives
This sub-section list all the exchanges that offer Derivatives trading. There is also information on their related market maker and market taker fees, as well as the open interest of the exchanges.
Dex
Dex is the short form of Decentralized exchange, The website Coinmarketcap has evaluated decentralized exchanges based on a set of criteria. UniSwap, MDEX and MDEX (BSC) are the top three rankings by volume in the last 24 hours. Information such as the number of markets and the launched date can also be accessed.
Where to buy
This sub-section contains information about where to buy cryptocurrencies. It contains detailed information such as the date on which the exchanges were founded, how to make a deposit on the exchange, how to withdraw on the exchange, the rules and regulations of the exchange and so on.
NFT
The CoinMarketcap site has yet another Core feature know as NFT (Non-fungible tokens) which are displayed according to their volume of sales in the previous 7 days. Other information includes, the total number of such assets, the collection's net worth, the volume of sales in the last seven days, and the number of sales in the same time period.
5. How or when Coinmarketcap.com decides to list a Coin?
The Coinmarketcap website has information regarding the listing criteria. To learn more about the listing criteria, please click here.
Listing applications are made by online and not anywhere, and the application form can be accessed here. Coinmarketcap clearly state that they do not charge any fee for listing any coin that is it is completely free of charge.
Nevertheless, there are also 3 criteria Coinmarketcap look at before making the decision to list the coin. This includes; Credibility, Verification and Methodology.
Credibility: This assesses whether the individual making the request has the ability to substantiate the credibility of the coin being listed with verifiable evidence.
Verification This assesses if coinmarketcap can independently check the sources or evidence for the coin that have been asked to be listed without the requester interfering.
Methodology This assesses whether the request sent to coinmarketcap clearly fits the criteria or methodology that the site has accepted.
Other criteria CoinMarketcap consider includes;
The coin must be openly traded and actively traded on one of the exchanges listed on Coinmarketcap, not to mention the fact that the exchange must be older than 30 days and have an API for tracking.
The coin must be based on peer-to-peer technology or compatible with smart contracts, this is to aid automated transactions through DApps and engagement on decentralized exchanges.
- The coin must have a website with all required information (whitepaper, roadmap, etc.) as well as an active blockchain explorer.
- Coinmarketcap must be able to contact with a verifiable representative of the coin for clarifications and information.
Coinmarketcap evaluates the application's data based on a variety of parameters. They care about both quantitative and qualitative data.
- Trading volume and market pairs:- CoinMarketcap looks at both the trading volume and pairs on the exchange that the coin has been listed to know if the coin is actively trading
Community Interest and Engagement: CoinMarketcap pay a lot of attention to the coin community/interest and Engagement.
Team: the coin team, how Successfully and trustworthy they are.
Coin project Duration and Longevity; The coin project's tendency to stay for a long time rather than leaving after a short time. And a variety of other assessments are made.
There are several ways to get listed on the Coinmarketcap. Which includes; Inactive listings
Unverified listings, Tracked listing, Untracked listings.
Inactive listing: These are coin projects that are not currently trading on any of Coinmarketcap's listed exchanges, and hence are considered inactive listings. They can be reactivated if they begin active trading on any two Coinmarketcap's listed exchanges.
Unverified listing: These are coin projects whose prices pop up when you search for them, but they haven't been validated by Coinmarketcap.
Untracked listing Untracked coins are coins that do not match the coinmarketcap criteria but have the potential to do a lot of good in the future.
Tracked listing. These are coins that the project and application have met and satisfied all of the criteria as well as the evaluation procedure, and hence have been included to the Tracked listing.
Q 6. How or when Coinmarketcap.com decides to list Exchange?
Before Coinmarketcap may decide whether or not to list any crypto exchange, there are a few stages that are similar to those for Coin listing, you can assessed the details information and criteria here
The application for exchange listing begins with an online application, and the exchange must ensure that the information they are supplying is accurate, just as it must for coin listing.
The exchange must have a live/active website or app with sufficient trading volume to match the API data.
- The Exchange must have been actively trading for at least 60 days. A newly founded exchange is unlikely to get listed.
- The exchange must have an order book, which allows users to place buy and sell orders and keeps track of them.
The exchange must present a representative/member of the team with whom Coinmarketcap can communicate for clarification and more information.
Transparency is one of the most crucial criteria, which implies that the exchange must allow users to see all pairs and place orders on a regular basis without logging to the site.
Q. 7 What is the purpose of the Uniswap feature on the Coinmarketcap.com site and how a trader can use it?
Uniswap a Decentralized exchange running on the Ethereum network which allow user to swap there ETH and other ERC20 tokens in safe and highly secured manner without a middle man, since it's decentralized anyone can access the feature without verifying that is even a visitor can easily access the features without logging to CoinMarketcap.
How to Find Uniswap and Connect to Your Wallet
- Visit the CoinMarketcap and from the homepage, scroll down and locate "Swap" click on it.
- After it has open, click on "Connect Wallet" to connect to the preferred wallet.
- There are list of supported wallet available, I then select "Coinbase wallet", since I have the browser extension on my chrome already.
- Connect your Coinbase wallet by Installing the Coinbase extension wallet and scan it to connect your Mobile wallet to it (That is if you are connecting for the first time)
- Now enter the amount of ETH you want to Swap and the result of USDT you will get will be displayed. but I don't have ETH in my wallet (insufficient balance) so I couldn't complete the transaction.
8. What is Blockchain Explorer? What Information available under Blockchain Explorer? How many Blockchain Explorer available on Coinmarketcap.com & How it helps users?
The blockchain explorer is a piece of software that displays details of transactions made on a blockchain using data from nodes and APIs, we can say the Blockchain explorers is like the Google of the blockchain and cryptocurrency worlds. . It usually provides crucial information such as the transaction's address, the amount transacted, the transaction's destination, and the transaction's status and timestamp.
The information that can be accessed
Using the blockchain explorer, a user can view all of the details by giving information such as the address ID and block ID on the blockchain.
- The Wallet address both the sender and receiver address will be displayed
- Total value of the transaction the total amount in value of the transaction will be displayed
- Current balance the current balance on the address will be revealed.
- Transaction fee the fee for the transaction will be displayed in quantity and value.
- Identity of the Miner the miner that verify the block will be revealed.
- Type of transaction whether the transaction was normal transfer or it from smart contract this will be revealed on the blockchain.
On the CoinMarketcap site, there are only 4 blockchain explorer available right now. Namely;
Bitcoin explorer
Ethereum explorer
Litecoin explorer
Binance coin explorer
How to use Binance Coin explorer on Coinmarketcap
- On the CoinMarketcap homepage, locate blockchain explorer, scroll down and select "Binance coin explorer"
- Click on the three dots line, and some options will pop up which include View blocks, view transactions and view market data. I will explore them one by one.
View Block
- I select the view block, the details which include height, the address that created the transaction, number of transactions and the date and time.
View Transaction
- I switched to "Transaction", the hash ID, the fee and the transaction type were the information displayed.
I then proceeded to view one of the transaction, the Hash ID, amount, block height, fee, time, the receiver and sender address are the informations displayed.
View Market
- View market contain the full information about Binance coin, which include the current price, Total supply, the circulating supply, the rank according to the market capitalization and the volume.
| The current price | $314.97 |
|---|---|
| Circulating supply | 153,432,897.00 BNB |
| Market Capitalization | $48,326,175,348 |
| Volume | $1,206,004,100 |
| Rank | #4 |
| Total supply | 169,432,897 BNB |
Conclusion
Coinmarketcap has been the world's number one platform for tracking the values of crypto assets in the cryptocurrency market, even as the conception of cryptocurrency continues to grow at a rapid pace. The platform purpose is to make it easier for trader/user all over the world to find and track crypto assets by providing well-researched, Variable and up-to-date information on all the cryptocurrency listed on the platform.
Honestly, as a Crypto lover and trader I find the CoinMarketcap platform to be really helpful, with a user-friendly and straightforward interface, I can easily analysis any coin without any stress and Most importantly, through this homework task, I learned and discovered some unique features, with this new features I have discovered it will help me improve in my Crypto journey. As a trader and user the platform can help you make excellent investing decisions and offers a watchlist and portfolio tracker to help you keep track of your investments. Other features, such as the price of cryptos, charts, market capitalization, volume, and circulating supply information, can be explored to obtain a detailed data that can appropriately inform investment and trading decisions for users and traders. The block explorer feature also allow user to check the details of any Transaction on the Bitcoin, Litecoin, Ethereum and Binance coin.
I thank professor @stream4u for this wonderful lecture, I really learn alot from this task. It will aid and my crypto journey.
Thank you all for reading, God bless you
Cc: @stream4u
Hi @tayetaiwo
Thank you for joining The Steemit Crypto Academy Courses and participated in the Homework Task.
Your Homework Task verification has been done by @Stream4u, hope you have enjoyed and learned something new.
Thank You.
@stream4u
Crypto Professors : Steemit Crypto Academy
#affable
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit