CoinMarketCap has major news for its users. The company is now developing a new professional API that will be used to make professional investors’ life better and has other interesting new features such as an events page, newsletter, exchange rankings, updates and more. These changes were decided after the company has received feedback from the users of the platform. Read our article to know what is coming up on CoinMarketCap.
CoinMarketCap Professional API
The main update of the company is certainly the professional API. As the CMC developed, its creators understood that it was the time to give third parties a way to use the information of the site, which is the main reference about the volume of crypto trading.
CMC’s API will give devs the means to use aggregated data in product offerings, market capitalization, conversions, providing price, etc. As the CoinMarketCap aggregates data from hundreds of exchanges at any time, so will these developers be able to use this data too.
According to the founder of CoinMarketCap, Brandon Chez, this is part of a mission of the company to continue growing and to ensure that people will have access to verified data in every app. The API will also have a developer dashboard that will help them to make the most of the data available. The API will also provide historical data.
With more institutional funds in the game, more and more people will need accurate data and CMC is certainly seeing how useful it can be to provide this important data to so many of them. The API will not be free, though, it will have many price tiers depending on the features that it will offer to the developers.
CoinMarketCap Adds Derivatives Markets
Another great news is that CMC is now adding a derivatives section to its site. Now CMC will support future contracts, options and OTC exchanges at the same time that it will continue to add derivative markets.
This decision was taken because derivatives are now more important in the crypto space and this will give the users a way to find these exchanges and embrace this emergent market.
CoinMarketCap New Exchange Ratings
The next change announced by the company will make sense for any person that has been following the CoinMarketCap controversies recently, especially the ones involving wash trading and how the company did not do enough to prevent exchanges from doing it.
Rankings were updated to be more consistent and show more information than they used to. As part of this revamping process, now you can see information like the total number of markets and volume in various intervals, such as 1-day, 7-day and 30-day, which will let the users notice more easily when some exchange cooks its numbers.
Also, now you will be able to see if the transactions were made with standard fees, no fees or via transaction mining.
CoinMarketCap Newsletter, Glossary and Events
Some lesser updates are the newsletter, glossary and an events section. A daily newsletter will not be available for users, as it was highly demanded from the community. Its main goal will be to give a quick overview of the market in that day in less than five minutes.
The glossary section will be useful so that people can understand better the changes that happen on CMC and will provide concise but useful explanations on crypto topics that can be considered complex. It will also have technical terminology, common expressions used in the market, explanation of memes and CMC-specific nomenclature.
CMC’s new event page will let you see crypto events all around the world and it will be constantly updated with coverage from these events so you can choose which ones to go to.
More Updates From CoinMarketCap
The last relevant update was the iOS app update. Now, it will include currency conversions and an improved user experience design. You will also be able to convert between 32 fiat and 5 cryptos in the app, just like in the site. There is a new blog that will show a variety of ideas and concepts.
CoinMarketCap has stated on its announcement that it is still looking for feedback, so if you have any suggestion, the company will be always ready to listen.
Binance Launches Beta App To Rival CoinMarketCap
Called Binance Info Beta App, this new app will be used for basically the same purposes as CMC and it is the first strong competitor that CMC has found. Being one of the top 300 sites in the world according to Alexa.com, CoinMarketCap is the most used site about crypto right now, but Binance is the largest crypto exchange in the world, so they can be a worthy competitor.
Binance’s new app will have several market stats like name, symbol, price and changes in the volume of the tokens, all according to data from the exchanges.