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CoinGecko was reported to have approximately 20.6 million monthly desktop and mobile visitors while CoinMarketCap reported a figure of 29 million.
As Bitcoin and the greater altcoin market experience a heightened level of volatility, more crypto fanatics remain glued to different analytics provider platforms including CoinGecko and CoinMarketCap. For years, CoinMarketCap has remained unchallenged in the sector but a new report suggests otherwise.
According to a recent report by news outlet The Ken, the gap between CoinMarketCap and CoinGecko has significantly shrunk despite the former remaining the king. Notably, CoinGecko was reported to have approximately 20.6 million monthly desktop and mobile visitors while CoinMarketCap reported a figure of 29 million.
“Growing demand coupled with question marks about CoinMarketCap’s impartiality post its acquisition have given CoinGecko an opportunity to grow into a major player,” said The Ken report. “CoinGecko is locked in a David and Goliath battle to be the site record for crypto financial information.”
Close Look at CoinGecko and CoinMarketCap
CoinMarketCap was acquired by Binance, a leading crypto exchange, in April 2020, for a whopping $400 million. With Binance being a major player in the crypto industry, questions on CoinMarketCap partiality were put forward. It did not take long before the partnership was involved in an unfair call after CoinMarketCap listed Binance coin (BNB) as the leader in the DeFi ecosystem. The firm came out strongly claiming the incident was caused by a human error and apologized to the community.
Both CoinGecko and CoinMarketCap were established almost at the same period whereby the former began operations in 2014 while the latter a year before.
They each have a niche that makes different customers their preference. As a result, the reported figure on monthly visits will significantly be determined by the services offered by the respective firm.
In addition to tracking price, volume and market capitalization, CoinGecko is well known for keeping track of community growth, open-source code development, major events and on-chain metrics. As a result, it has attracted a huge following based on its more reliable market data.
“We have closed the gap [with CoinMarketCap] significantly this year and are quite close to overtaking them. Most serious crypto traders, investors, and users have already made the switch to CoinGecko,” the firm noted.
Whereas for CoinMarketCap analytics have been added after its acquisition by Binance. Notably, the firm upgraded its liquidity score for its listed digital assets.
The notable competition between crypto analytics providers will significantly help steer forward the industry. As the anticipated bull rally kicks in with Bitcoin trading less than 3% from its all-time high, a dependable market analysis will help educate investors and newbies retail investors.