Coinmarketcap
{{Short description|Cryptocurrency information website}}
{{Infobox website
| name = Coinmarketcap
| logo = Coinmarketcap svg logo.svg
| screenshot =
| founded = 2013
| country_of_origin = United States
| area_served = Worldwide
| owner = Binance
| founder = Brandon Chez
| industry = data tracking
| url = https://coinmarketcap.com/
}}
Coinmarketcap is a website that provides information and data such as prices, trade volumes, market capitalization on cryptocurrencies. It was founded in 2013 in New York City by Brandon Chez.{{Cite news |last=Yoon |first=John |date=2021-11-02 |title=A cryptocurrency inspired by 'Squid Game' crashes. The industry has questions. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2021/11/02/business/squid-coin-crypto-scam.html |access-date=2023-01-21 |issn=0362-4331}}
Overview
Coinmarketcap was founded in 2013 by IT programmer Brandon Chez in New York City. By 2018, the website had become one of the most popular in the world, according to The Wall Street Journal.{{Cite web |last1=Vigna |first1=Paul |last2=Oberman |first2=Jim |date=2018-01-23 |title=The Programmer at the Center of a $100 Billion Crypto Storm |url=https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800 |access-date=2023-01-24 |website=The Wall Street Journal |language=en-US}}
In January 2018, Coinmarketcap took out South Korean exchanges from its calculation for prices because the prices there were consistently higher than in other regions. That caused a significant decline in XRP's market capitalization and created chaos on the markets.{{Cite news |last=Howcroft |first=Elizabeth |date=2022-06-13 |title=Cryptocurrency market value slumps under $1 trillion |language=en |work=Reuters |url=https://www.reuters.com/business/finance/cryptocurrency-market-value-slumps-under-1-trillion-2022-06-13/ |access-date=2023-01-21}}
According to Bloomberg, in November 2019, Coinmarketcap introduced a Liquidity metric designed to combat fake trading volume.{{Cite news |last=Huang |first=Zheping |date=2019-11-12 |title=Crypto Data Tracker Wants to Fight Fake Trading Volume |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-11-12/top-crypto-data-tracker-wants-to-combat-fake-trading-volumes |access-date=2023-01-24}}
In April 2020, Binance, a cryptocurrency exchange, acquired Coinmarketcap for an undisclosed amount. Forbes suggested that the deal could be worth $400 million.{{Cite news |last=Kharif |first=Olga |date=2020-04-02 |title=Purchase of Crypto Faithfuls' Favorite Website Raises Eyebrows |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2020-04-02/purchase-of-crypto-faithfuls-favorite-website-raises-eyebrows |access-date=2023-01-24}}{{Cite web |author= |date=2020-04-05 |title=Bitcoin Surges Amid Crisis; Binance's Surprising Addition |url=https://www.forbes.com/sites/cryptoconfidential/2020/04/05/bitcoin-surges-amid-crisis-binances-surprising-addition/ |access-date=2023-01-24 |website=Forbes |language=en}}
In November 2021, Coinmarketcap was cited by Vice, The New York Times and some other media for warning users of the "Squid" coin fraud scheme, which falsely claimed to be affiliated with the Squid Game TV show.{{Cite web |last=Valinsky |first=Jordan |date=2021-11-02 |title=Valor de la criptomoneda de "El juego del calamar" se desploma a US$ 0 tras una estafa millonaria a los inversores |url=https://cnnespanol.cnn.com/2021/11/01/criptomoneda-squid-juego-calamr-0-estafa-trax/ |access-date=2023-01-31 |website=CNN |language=es}}{{Cite web |last=Montgomery |first=Hanako |date=2021-11-02 |title='Squid Game' Memecoin Soared to Record $2,800. Then It Fell to Zero. |url=https://www.vice.com/en/article/squid-game-memecoin-collapse/ |access-date=2023-01-31 |website=Vice.com |language=en}}{{Cite web |last=Li |first=Joyce |date=2021-11-02 |title='Squid Game' Cryptocurrency Collapses, Developers Scam Investors of $2.1 Million USD |url=https://hypebeast.com/2021/11/squid-game-cryptocurrency-collapses-scammers-make-off-with-two-million-usd-news |access-date=2023-01-31 |website=Hypebeast}} The website is also a source for crypto exchanges rankings.{{Cite news |last1=Yaffe-Bellany |first1=David |last2=Mac |first2=Ryan |date=2022-09-21 |title=C.E.O. of Kraken, the Cryptocurrency Exchange, Steps Down |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/09/21/technology/ceo-kraken-cryptocurrency-jesse-powell.html |access-date=2023-01-31 |issn=0362-4331}}
In a letter to The Wall Street Journal, Chez explained that the Coinmarketcap delisted Korean exchanges because many users complained about the inaccurate prices; however, he did not expect the effect of the Korean exchange exclusion to be so large.
References
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Category:2013 establishments in New York City
Category:Internet properties established in 2013
Category:Data and information organizations