Let’s talk about some of the things you’re going to see more of as it relates to coinmarketcap.com. Now if you don’t know what coinmarketcap.com is, it’s basically the leading site that lists all of the different cryptocurrencies in order of market capitalization.
How do you calculate market cap? You multiply the price times the number of circulating coins. These coins, which there are currently around 1,000 of and some change at this point, with some of them being de-listed or removed for various reasons mainly because there wasn’t enough volume or were proven to be a scam.
There’s a number of different reasons for why a coin might not be listed on the site, but there’s been well over a thousand different coins that have been listed on the platform since it’s inception. What you’re going to see in the very near future, which I’m starting to see more of it now, is a lot of investment programs which you might not want to put your money into if you’re not willing to take the risk that is required with a lot of these different programs.
You’re going to see them advertised on coinmarketcap.com as banner ads. As coinmarketcap.com has said before, they’re not responsible for vetting companies that would be advertised and the companies they list within the index of different cryptocurrency. They’re not taking any responsibility. Their job is just to list the coins and the same thing goes for advertising. If someone’s willing to throw down a lot of money, they’re not going to stop them from advertising so it’s going to be 100% up to you to make sure if you put your money into a particular platform just because you’ve seen it advertised on coinmarketcap.com, it doesn’t give that program legitimacy. There’s no correlation between coinmarketcap.com and what you’re looking to get into, so you’re going to have to do your own research and do your own due diligence. It’s going to be 100% in your own hands.
Just be mindful of that because I’ve seen a lot of people say, “I’ve seen this on coinmarketcap.com” as if that makes it legitimate.
I just wanted to make you aware of that. It’s your money, I would never tell you what to do with your money, you’re free to do whatever you want to do out there. Just be careful okay? Because people are going to want to jump into these programs and it’s just a sad state of affairs in this space right now and I don’t see it getting any better. You’re just going to see a bunch of stuff thrown at the wall.
With that being said, take care and mind your money because no one is going to do that better than you. If you liked reading this, make sure to check out CoinJolt by signing up here for the simplest way to buy, sell and invest in Bitcoin.
A Quick Beginners Guide On CoinMarketCap.com
If you’re new to cryptocurrencies and if you’re not sure what it’s all about, people often quote the website coinmarketcap.com, so what does this website really tell you?
It gives you the market capitalization, how much are the cryptocurrencies worth? Let me try to explain what these charts mean so first of all on the left-hand side we’ve got the name of the cryptocurrency and the top cryptocurrency is Bitcoin which was the first cryptocurrency to ever exist with the current market capitalization of $129 billion dollars.
What does that mean?
That simply means there are around 17.2 million Bitcoins in circulation and there worth $7,549 each. You simply multiply the price by the number of coins and you receive the market capitalization. The next column we have is the volume. How much of these coins are being traded on the exchanges?
Now at the time of me writing this, in the last 24 hours, there’s been over $1 billion dollars worth of coins through the exchanges. Now if you want to see the exchanges you can actually just click the billion dollar number and you can actually see the number of markets and where Bitcoin is being traded.
Poloniex, Bitfinex are the top 2 examples where the biggest volume is right along with CoinJolt.com. CoinJolt tracks the majority of exchanges to ensure you’re buying and selling digital assets at the guaranteed best prices, in addition to zero percent transaction fees and instant transactions. Get access to leading technology for market data, cryptocurrency calculator and the most secure wallets in digital currency.