Quick beginners explanation of the Coin Market Cap website free cryptocurrency tool.
Wanted to give you a quick rundown of this Coin Market Cap website. If you’re brand new to this cryptocurrency and you’re not sure what it’s all about.
People often quote the website Coin Market Cap.
So I thought it was a good idea to do a post on this awesome crypto tool!
Coin Market Cap
If you’re into cryptocurrency the Coinmarketcap com website is a great free tool. It gives you the market capitalization. How much the cryptocurrency is currently worth. So I am writing this on December 17th, 2017. So by the time you read this the prices could be massively different.
Okay so here is a screen shot of Coinmarketcap:
The first thing you want to notice is the name of the cryptocurrencies on the left hand side. As you can see the one at the top and the biggest is Bitcoin.
You have probably been hearing and seeing Bitcoin just about everywhere. I did a full USI Tech Review that covers a lot of the growth.
Bitcoin is basically the ‘founder’ if you will of cryptocurrency eight or so years ago. The current market capitalization of Bitcoin is $314+ Billion at todays prices.
So what does that mean? That simply means there are approximately 16.7 million coins in circulation and they are worth $18,776 each. You simply multiply the price by the number of bitcoins and you get the market capitalization.
Coin Market Cap Volume
The next column you can see is the volume. How much of these coins are being traded on the exchanges in the last 24 hours. As you can see in the picture above there have been over 12 billion BTC coins exchanged and changed hands through the exchanges.
Furthermore if you want to see the actual exchanges just click on the number under volume on the website.
As you can see above those are the actual markets. Where Bitcoin is actually being traded. Some of the places you probably recognize are Bittrex, Binance and Poloniex among many others.
In the example above you’ll notice the biggest exchange was Bitfinex with a volume of over 1 Billion. You’ll also notice it was exchanges between Bitcoin and USD or USD to Bitcoin. You’ll also notice is was 8.1% of that 24 hour period of trading.
Going back to the first chart you’ll see that Etherium is the second largest coin in terms of market capitalization.
Etherium is now over $68 Billion market capitalization as of today. There is a 96 million supply at around $714 USD a piece giving you 68 Billion USD.
Additionally you can click on the titles such as the Chang (24h) which we will go over.
In the example above you can see the biggest change in cryptocurrency was Gas in the last 24 hours at 46.89%. What you want to be aware of is that is a small currency. It only has a market capitalization of $301 million dollars with a volume of around $9 million in total.
So you can very often find on the big changes you may find not a lot of money is changing hands. Because the market is much smaller it’s a very liquid market. With just a few sellers and buyers it can move the market much easier.
Certainly this is something you want to look for if you’re looking to trade. People I know who trade with a lot of success trade cryptos with sufficient volume. This will reduce the volatility of those currency.
Having said that there is still a lot of money to be made or lost trading cryptocurrencies. There is a lot of money to be made in general going into 2018 with so many new people coming in and learning.
As more and more people are coming in remember the coin circulation supply is a finite limited amount.
Coin Market Cap – Finite Supply
So it’s not like FEAR currencies where the banks can go and print more money. There will never be any more than a maximum number of 21 million Bitcoins for example.
There is always going to be a finite supply. However at this stage the demand is much higher than anything else out there which is pushing up the prices.
You’ll also notice the price charts on the right hand side:
This is a Bitcoin graph from April 28, 2013 to December 18, 2017. You can see the market cap in blue to the left in Billions of dollars and the price in green to the right.
You’ll also notice you can zoom in by pushing the little scroll bar to the right.
Here is a screenshot of that so you can see what I mean:
As you can see above you zoomed in. You’re now looking at Bitcoin’s growth between Jan 25, 2017 to December 18, 2017. If you just play around with the website you’ll start to understand and get use to it all.
You’ll also notice a tab on top of the graph itself that says markets.
As can be seen in the picture below:
Now you can see where you can trade bitcoin. The biggest market volume is on the Bitfinex.
This was all to give you a bit of a feel or a bit of an introduction to the Coin Market Cap website. If you found this useful feel free to leave a comment below and share this post.
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Feel free to reach out if you have any questions.
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