CoinMarketCap (CMC) is well-established as the market-leading site for tracking crypto prices, charts, volume, and other data.
But is it the right choice? And are there any better alternatives?
Why Is CoinMarketCap Bad?
CoinMarketCap uses data that can be highly misleading to an uninformed visitor:
- Prices are derived from an average across all the exchanges on CMC, including fraudulent smaller ones.
- Many of the exchanges listed on CMC are supplying deceitful price and volume data. The process creates a false impression of liquidity and is called wash trading.
- CMC lists many dead coins and includes their data in its total market capitalization calculations, thus skewing the total.
A manifestation of the problems was seen in January 2018. CMC removed several South Korean exchanges from its data, causing the entire market to drop. Ripple saw $20 billion wiped off its market cap.
There’s also not much additional information available like live news updates, Twitter feeds, community forums, etc. The best CoinMarketCap alternatives have some such features.
To its credit, CMC has said it plans to address the exchange data issues. In May 2019, it launched the Data Accountability & Transparency Alliance (DATA) initiative. Its main objective is to “organize and improve reporting standards across the industry.” Several leading exchanges have already signed up.
Which Are the Best CoinMarketCap Alternatives?
So, which sites should use to replace CMC? Here are our top five sites to use instead of CoinMarketCap.
If you want detailed, reliable crypto stats, OnChainFX is an excellent choice. It has more metrics available than most of its competitors.
Because of the large number of metrics, the site is especially useful to crypto investors who want to dig into a coin’s fundamentals. Available data includes an estimated Y2050 market cap, current inflation rate, staking yields, the Flipside Crypto Developer Score, the NVT ratio, its hash rate, its NiceHash rate, and a whole lot more.
You can also filter by five categories (currency, infrastructure, financial, services, media) and by market sector (39 sectors available).
For some people, one downside of OnChainFX is a lack of coins; it only lists the top 600. If you’re an altcoin speculator, that’s not enough.
2. OpenMarketCap (broken link removed)
OpenMarketCap was created as a direct response to the lack of transparency shown by CoinMarketCap.
It addresses some of the exchange data issues that are commonplace on CMC. Most importantly, the site only uses data from sites that meet its “Trusted Exchanges” criteria. The criteria are based on the Bitwise report into fake volume.
Unlike CMC, OpenMarketCap is also community driven. Anyone can nominate an exchange for inclusion, and it will face a community vote.
To further help users, exchanges with outdated or outlying prices are highlighted, and you can also see how the OpenMarketCap calculations differ from other CoinMarketCap alternatives such as CryptoCompare and Coinlib.
Only the top 380 coins are listed.
CoinGecko is one of the most well-known CoinMarketCap competitors. It’s worth including in our list for one primary reason: the number of coins listed.
At the time of writing, 4,834 different altcoins are searchable. The number fluctuates, but it’s trending up. Therefore, CoinGecko is as near to a complete record of all coins in existence as you’re likely to find. For comparison, CoinMarketCap lists 2,216 coins.
When you dig into a coin’s listing, you’ll see each exchange has a Trust Score indicator. The Trust Score uses a traffic light system to show whether the reported volume is reliable. Exchanges also have tags to show if they are centralized/decentralized, if they offer trading incentives, and how many websites visits they get. In total, more than 150 exchanges are included. You can also see crypto index data from TheCrix and Coinbase.
There is an official CoinGecko app for both Android and iOS.
Blockmodo perfectly solves the other big drawback of CMC—the lack of additional information. For anyone who wants to follow the news, videos, community information, and social media content from their favorite coins, Blockmodo is a one-stop-shop.
The site monitors more than 4,000 social media handles and subreddits and even shows when developers last updated their GitHub repos so you can monitor activity.
However, on the exchange volume issue, we’re not convinced. For example, at the time of writing, Blockmodo lists Bitz as the top XRP/USD exchange $106 million in volume. Conversely, CoinGecko says its Bitfinex with $22 million—a huge difference.
BitInfoCharts is different from the other sites we’ve looked at so far. Sure, it includes market cap data like all the big CoinMarketCap alternatives. However, it’s the additional fundamental details which make the site shine.
For more than 40 of the largest cryptocurrencies in the world, you can see data such as the block time, block count, block reward, the value of the top 100 rich list, the wealth distribution across the top addresses, the largest transactions in the last 24 hours, the last GitHub commit, and a whole lot more.
This information is like gold dust if you’re trying to establish whether a coin represents a solid investment opportunity; too many crypto traders rely solely on technical analysis, especially novice ones. You can use this information to try and get ahead of the curve.
Other CoinMarketCap Alternatives
Our list of CoinMarketCap alternatives is not exhaustive. If none of the five sites we have suggested suit your needs, it’s also worth checking out:
Make sure you let us know which are your favorite CoinMarketCap alternatives in the comments below.
If you would like to learn more about buying crypto, make sure you also check out our article on the best five crypto exchanges.
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