- June 10, 2021
- Posted by: Anita Iyer
- Category: Blog
Your glossary to know the terminologies on cryptocurrency data sites
If you are a crypto investor, new or seasoned, or just curious to get your share of the cryptocurrency buzz, you need to keep a check on the market movement through websites like Coinmarketcap, CoinCodex, CoinGecko, and more.
While browsing through these websites, you will come across few terminologies like circulating supply, fully diluted market cap, that might be difficult to decipher. To help you out, we will explain them in detail and also walk you through these websites.
When you log into any of these platforms, the total number of registered cryptos are listed on the top, which stands at 10, 329 – this number includes both coins and tokens. The total market cap of cryptocurrency stands at an impressive $1,496,980,997,473 and Bitcoin dominates the space with 41.1% market share and Ethereum at 19.4%. Next, is the cost of Ethereum Gas, the fee required to conduct a transaction or execute a contract on the Ethereum blockchain platform. The rate currently is 12 Gwei (the unit that measures the amount of computational effort required).
Read more: Green Crypto: Is Proof Of Stake Answer To Cryptocurrencies’ Energy Worries?
One of the things investors can find on these platforms is the company whitepaper, which gives a detailed vision of the currency.
Below, cryptocurrencies are listed according to their current market cap. Leading the charts is Bitcoin, holding the fort at $37,687.23 and followed by Ethereum at $2,548.28. To explore any cryptocurrency in detail, users can click on them to read the latest news, historical data and current volatility.
CoinMarketCap is considered as the bible by everyday traders, investors and stakers. To understand other terms, let us explore a currency in details.
Inside Ethereum, the current ETH price is mentioned on the top, along with its rank #2. The market cap stands at $292,244,038,563, which is calculated by multiplying the price by the circulating supply. Next, comes the Fully Diluted Market Cap, which is the market cap if the max supply of the currency was in circulation.
Volume is the measure of how much of a cryptocurrency was traded in the last 24 hours. Before investing in a currency, investors need to know the difference between ‘Circulating Supply’, ‘Total Supply’ and ‘Max Supply’. To begin, ‘Circulating Supply’ is the approximate number of coins that are circulating in the market. The total number of coins in existence right now minus the ones that were burned is termed as ‘Total Supply’ and ‘Max Supply’ is the approximate number of the maximum amount of coin that will ever exist in the lifetime of the cryptocurrency.
To understand better, let’s check out iOWN Token on CoinMarketCap. The ‘Max Supply’ of the token is 450,000,000 and the ‘Total Supply’ is locked at 301,323,924 and the fully diluted market cap is $6,351, 262.
Read more: What Is DeFi? All You Need to Know
The next section is crucial to get an overview of the project. The chart showcases the movement of the currency in the past few weeks, months and years. To know where to buy the coin from, go to the second tab, ‘Market’. iOWN Token can be bought on P2PB2B and LATOKEN exchange with ETH or USDT pair.
Going further, the ‘Historical Data’ lists all the transactions that have taken place for the coin in the past few days, weeks up to a year. Once you buy the tokens or coins, you need to store them in a safe wallet and not all wallets will be compatible so the section ‘Wallets’ gives you the options you need. Explore tabs like News, Social, Ratings, Analysis to stay abreast with the currency you are interested in.
Once you understand the terminologies, it is easy for users to access data on any cryptocurrency website like CoinGecko or BlockFolio.
Founded with a mission to democratize the access of crypto data and to empower users with actionable insights, CoinGecko gives deep insights for users.
CoinGecko ranks digital assets according to market capitalization and lists the trending currencies into ‘Top Gainers’ and ‘Top Losers’ to give hurried users a glimpse of the market movements. Once the user clicks on a cryptocurrency to dive deeper, the website provides more details on staking in the Earn/Loan tab. Platforms like Crypto.com, Nexo.io allows users to earn between 6.5% to 8% APY on Bitcoin and other currencies.
Read more: How To Earn Passive Income From Cryptocurrency? Stake It
Apart from historical data, charts and market overview, the section ‘Bitcoin Halving Countdown’ shows a timer of the number of days when the Bitcoin block reward is slated to reduce from 6.25 to 3.125 coins.
Although both CoinMarketCap and CoinGecko are available on Android and Apple stores, Blockfolio is an app-only platform that allows crypto trackers to see information about their portfolio in a centralized location.
You can buy or sell crypto on the app and also use it as a tracker for other trading platforms. It can track over 10,000 types of cryptocurrencies and users can earn free crypto on every trade over $10.
To become a successful crypto trader, a user needs to possess real-time market updates and the ability to make quick, sound decisions. Platforms like CoinMarketCap, CoinGecko are among the right tools to check the price, quantities, the trends of the cryptocurrency in your portfolio and to predict the market moves.
Blockfolio doesn’t have a desktop interface yet but it comes with a user-friendly app interface. Users who believe the small screen isn’t adequate for crypto traders can opt for the computer versions of the other platforms to get the bigger picture of the game.