One can also see CoinGecko UI in 15 different languages apart from English which is a huge plus point for any website in this niche.įurthermore, it also provides widgets and APIs for different users and has recently launched its Beta version of mining calculator for different cryptocurrencies. With CoinGecko you can see and track prices of 100s and 1000s of cryptocurrencies in fiat and BTC with appealing charts of different intervals. It is also operating in this space for a few years now and has the biggest team in the pricing niche. However, we still find CoinMarketCap as one of the best cryptocurrency stats checkers, and recently they have added many new features such as a watchlist, portfolio tracker to name a few.Īnyhoo, Here are some of the CoinMarketCap alternatives to start with: 5 Best CoinMarketCap Alternatives to use in 2022ĬoinGecko is another real-time price tracking and coin checking website for cryptocurrencies. And that’s why we need to exercise our wisdom by referring to other CoinMarketCap alternatives while trading.Īlso, CoinMarketCap is owned by Binance exchange, and a lot of crypto users are not comfortable with this fact. Nevertheless, this is a small example of how over-reliance of a decentralized ecosystem on the centralized ecosystem can cause systemic risk/panic across the market.
(This was especially true in the case of XRP). When recently CoinMarketCap changed its calculation model and removed Korean exchanges from consideration, the market prices plummeted.īut that wasn’t real because almost all currencies on Korean exchanges were trading at a premium and removing it from calculation sent a false impression that coins were crashing, leading to huge buy/sell chaos in the market. That is why over-reliance on a centralized price checking system for a decentralized market is not good. It can either make or break the confidence of the market. Well, it means CoinMarketCap has the power to influence the crypto market. For the asset’s price to witness any action at this stage, traders need to step in, and both volatility and volume need to pick up.If you ask people which website they prefer for coin and price tracking, 99 out of 100 would say ‘ CoinMarketCap‘. Notably, the same was in the 2-2.7 range during the alt’s rally in April this year. In fact, at the time of writing, this metric reflected a mere value of 0.81. XRP’s diminishing volatility too, to a fair extent, has had a negative influence on its price. Now, this essentially implies that neither are traders actively selling nor buying this alt in the market. A figure of $166 million, at press time, is nowhere close to the alt’s $10.26 billion mid-April volume. XRP’s real volume, at the time of writing, stood around its November 2020 levels. Hence, people from the XRP community need to be more vocal socially in the coming days for this asset to see a trend reversal in the price. As can be seen from the chart above, whenever XRP has exerted dominance on social media platforms, its price has simultaneously risen. Social sentiment plays a significant role in helping any asset’s price hike. The hike in this metric, to a fair extent, was anticipated because the developer community has actively been experimenting with different things on the network. In fact, the press time level has been touched only thrice since February this year. However, is there something positive that traders can look up to in the coming days? Well, to answer that question, it is essential to do a temperature check of the alt’s on-chain metrics.Īs can be observed from the chart attached, XRP’s network witnessed a massive spike in development activity over the past 24 hours.
At the time of writing, XRP was trading at $0.590, down by 0.19% over the past week. The aforementioned surge, by and large, wipes away the odds of XRP launching its independent rally.
As a matter of fact, XRP’s correlation with Bitcoin oscillated in the 0.20-0.38 range during the initial three months of the year but, the same shared a value of 0.8 at press time. Since then, the alt’s correlation with BTC has only intensified. When Bitcoin crossed its ATH in mid-April, XRP went on to cling to its 3-year ATH ($1.7 range). XRP’s rise and fall over the past few months, in particular, has been pretty compulsive.