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If You Use CoinMarketCap: Read This at Once

Coinmarketcap or Coingecko

Ever since we have been touched by cryptos in 2017, we have been visiting CoinMarketCap (CMC) every single day. To say we visit CMC religiously is an understatement.

We were happy when Binance bought CMC for a whopping $400 Billion because we expected CMC to become more friendly, useful and efficient.

We were wrong on all counts.

The site, as it stands today, is not friendly, useful or even efficient.

Let us explain with a few examples.

If you go check any project (may be not top 100) – you will notice that the information on CMC is absolute garbage and misleading.

For instance, if you check Jarvis details on CMC today, this is what you see.

Coinmarketcap

However, if you check the details of the same project on Coingecko, here is what you find.

Coingecko prices

Notice anything?

Let us point a few things right off the bat.

Name itself is wrong on the CMC, because JRT stands for Jarvis Reward Token not Jarvis Network.

Let’s leave that as be, check the total circulating and total supply section.  CMC shows 29,005,880 vs. 89,126,145 shown on Coingecko.  

That makes a huge difference.

Even the maximum supply information is not available on CMC.

Here is the biggest issue of all. Marketcap on CMC is wrong because their circulating supply is wrong.  So if you were going to go into a project thinking the market cap is just under 2 Million, you would have been off by 300%

Excuses are all BS

If CMC cannot get the basic information right, I am not sure what that $400 million valuation was for.

Maybe CMC should start slapping a big red bold warning on the top of their web page stating “Information is WRONG” so that it doesn’t burn the investors with false information.

Alternative?

We are not paid to say this but we think Coingecko has been a great alternative to CMC.

Probably, it would be more accurate if we said “a great replacement” to CMC.

This does not mean Coingecko will not have errors, it might, however, just comparing over a dozen projects on CMC and Coingecko, we are now going to start using Coingecko going forward.

We might permanently abandon CMC, who knows, unless they get their act together and spend some of that $400 Million in actually making the data on the website more accurate and useful.

In our opinion, CMC should really focus on getting their core functionality right instead of spreading their arms around chat, subscription, etc., add ons.

For all crypto users out there, check the information on both CMC and Coingecko from now on before making any rational decisions based on the data points.

Stay vigilant.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

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