Though founded in 2013, CoinMarketCap only rose to prominence between 2017 and 2018 during the bitcoin surge. Now deemed a de facto crypto market platform, it helps crypto users keep on top of market fluctuations and valuations, especially useful in the market’s uncertain present.
Historically, CoinMarketCap has been late to the game in releasing useful platform additions. It only released a mobile app for its market valuations in 2018, at which point there were many already on the market. Despite this slowness, there’s an irony in the fact that many of the app’s predecessors actually sourced their updates from CoinMarketCap. Perhaps this is the reason why CoinMarketCap has kept its head above the water for so long. As one of the first market valuation platforms, its success might be down to its early entry into the crypto game.
In 2020, Binance acquired CoinMarketCap, leading to concerns about CoinMarketCap’s neutral stance. However, the website’s disclosure policy firmly reinstates its commitment to neutrality in reporting. With 2022’s collapse of FTX still sending shockwaves through the industry, CoinMarketCap’s independence from Binance will be more important than ever as the market changes shape once more.
Kirsty
Company Specialist at Welcome to the Jungle
