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CryptoCompare review. Is It really A Good Tool?

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May 25, 2020 | 

Dan Mitchell |  1 Comments| 

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On a surface level, CryptoCompare may seem very similar to token markets data provider CoinMarketCap. This would be an accurate assumption to an extent, as CryptoCompare also provides market data and insights - however, the company offers additional services, and covers different metrics.

It also begs the question: what is CryptoCompare, and could it be considered a good and competitive tool?

What is CryptoCompare?

CryptoCompare was founded in 2014 by Charles Hayter (who also currently serves as the company's CEO) and Vlad Cealicu (the incumbent CTO), to serve as a central data resource for cryptocurrency. Much akin to CoinMarketCap: CryptoCompare provides information such as real-time market performance and token values.

The company describes itself as "the world's leading digital asset data company" with clients in corporate, government and retail sectors, and additionally offers "cryptocurrency trade data, order book data, blockchain and historical data, social data, reports and a suite of cryptocurrency indices".

Advisors to CryptoCompare include Alex Preston (Verivox, founder), Herbie Skeete (Mondo Visione, founder and managing director; previously at Reuters, senior executive), and Dr Mike Aitken. Amongst its key strategic partners are: VanEck (which provides CryptoCompare with a "suits of indices for cryptocurrencies"), Refinitiv, Quandl, Investopedia, Etherscan, and Exodus.

CryptoCompare boasts coverage of over 5300 crypto coins and more than 240,000 different currency pairs. This includes Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), and more.

Top Lists

CryptoCompare also offers rankings designated under the 'Top Lists' category, which includes the following categories…

  • Coins: the site's coin lists and token rankings. Although there does not seem to be a clear order by default (which is confusing) you can, however, choose your from a list of metrics to order the list by. Options include token price, 'direct volume', 'total volume', 'top tier volume', market cap, and 24hr +/- change.
  • Exchanges: a list of 262 cryptocurrency exchanges (240 centralized, 22 decentralized). It can be ordered by country (countries where services are available), type (cryptocurrency, fiat, stable coins, derivatives), 24hr trading volume, and more.
  • Offerings (ICOs, STOs, IEOs, etc): a list of ongoing token fundraising events. Metrics by which the articles can be ordered include starting price, closing date of sale, funds raised (USD value), target, funding cap, and the number of tokens being sold.
  • Mining: a reference collection of mining businesses including service providers, mining pools, and hardware providers - in addition to user reviews.
  • Mining Calculator: Not a list but actually a tool which users can use to calculate estimates on potential profits or losses that may result from instigating their own mining operation based on variables such as hashing power, token (BTC, ETH, ETC, XMR, ZEC, DASH, and LTC), power consumption (in watts), cost of energy (per KWh in USD), and pool fee in percentage (if applicable).
  • Other Lists: cryptocurrency wallets (234), cryptocurrency cards (59).

API

CryptoCompare also provides a programmable application interface (API) which it refers to as "the premium API solution" and enables access of real-time market data. The API can be used by subscribing to one of a handful of packages, ranging from 'personal' (free); through to professional ($79.99 / month), corporate ($199.99 / month), and enterprise (prices on request).

Features include:

  • Token prices and "all the trading info (price, vol, open, high, low etc)" for all pairs.
  • Historical data reports, based on custom user requirements.
  • Data streaming ("returns all the combinations of subs and pricing info… You can also get all the available streamer subscription channels for the requested pairs.")
  • Newsfeeds and articles: sourced "from all major crypto news providers".

CryptoCompare has big plans for the future also, having stipulated the following goals in its Q1 2020 review:

  1. "Strengthen our real-time data services."
  2. "Increase the reach of our data to new user segments globally."
  3. "Help build institutional financial products."
  4. "Widen the range of our data offering via partnerships."
  5. "Bridge the gap between traditional and digital asset finance."
     

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justine moore
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