CoinGecko Sees 200% Traffic Growth in October, Closes in on CoinMarketCap’s Dominance
Price trackers are crucial to the crypto industry, just as it is with any other market. While Coinmarketcap has been the de facto leader for most crypto traders, CoinGecko is looking to steal its place.
Gains as the Months Go By
When it comes to market aggregators in the crypto market, the situation is essentially a duopoly. Coinmarketcap is the undisputed king, although CoinGecko basically exists as a possible second option. However, a post from news source The Ken shows that the paradigm might be shifting.
Published last week, the report explained that CoinGecko received 20.6 million unique visitors on desktop and mobile combined in October 2020. While the number was still lower than the 29 million visitors that Coinmarketcap notched in the same period, it marked a significant change in the tides.
The Ken’s graphic showed that CoinGecko had seen almost a 200 percent growth in visitor numbers since May when the company had just 8.75 million. On the flip side, Coinmarketcap had also lost 3 million visitors between May and October 2020.
While CoinGecko isn’t there yet, it appears that this David is on its way to slay the giant.
Is Binance to Blame?
CoinGecko and Coinmarketcap publish similar data. But, they vary in how they rank exchanges and other services in the industry.
Coinmarketcap also appears to have lost credibility since its acquisition by top exchange Binance in May. Binance chief executive Changpeng Zhao said at the time that the purchase was in line with both firms’ vision to improve transparency in the crypto industry. However, some of the moves since then have drawn criticism.
Almost immediately after the Binance acquisition was completed, Coinmarketcap changed its ranking algorithm for exchanges. The aggregator explained that it would now rank exchanges based on web traffic, explaining that high volumes would only be possible if exchanges have a high number of retail traders. The platform contended that since the crypto market is mostly retail-driven, web traffic is a suitable metric for ranking exchanges.
In July, Coinmarketcap was caught in another controversy after it mistakenly listed the Binance Coin (BNB) as the top decentralized finance (DeFi) token. The aggregator eventually highlighted that the case was no more than a human error and that it eventually made amends.
In the months since the Binance acquisition, several of Coinmarketcap’s top officials have left the company. In August, Carlyle Chan, the company’s long-standing Chief Strategy Officer – and the interim CEO following the Binance deal – resigned from her role.
Jeremy Seow and Spencer Yang, Coinmarketcap’s Vice President of Products and Vice President of Operations, also quit.
It appears that the changes since the Binance acquisition haven’t benefited Coinmarketcap as much as they have helped Binance. Many in the crypto space believe that the market aggregator has essentially pivoted to pleasing its new owners, and it is now bleeding visitors because of it.