An application programming interface (API) is a computing interface that defines interactions between multiple software intermediaries. Basically, an API program enables one software application to interact with another. An API is a messenger that takes requests and tells the system what you want it to do, and then it returns the system response back to you.
It’s similar to the waiter at the restaurant. Imagine you are sitting at the table with a menu in front of you. The kitchen is part of the system that will prepare your order. The waiter has the role of the messenger, where he gets the order, tells the cook what to do, and brings the order to you, in this case, the food.
API’s and Cryptocurrencies
Cryptocurrencies have grown drastically as an industry since the release of Bitcoin in 2009. Today, development on the Ethereum blockchain continues to be popular; however, development using cryptocurrency market data is becoming the new crypto gold rush.
Whether you are an advanced cryptocurrency trader, a crypto app developer, or just a passionate individual about cryptocurrencies, APIs are designed to make your crypto journey easier.
It is vital to make sure that the quality of the data being offered to track cryptocurrencies is good.
Let’s take a look at the top 3 cryptocurrency data APIs in 2020.
CryptoApi is a service provider that is focused on providing price and market data. There are three types of exchange data provided: Exchanges, Derivatives Exchanges, and Decentralized Exchanges. Cryptoapi.exchange is solely created to track the quality of cryptocurrency exchange APIs. The information there is live and updated in real-time to provide transparent insights into the API rankings of cryptocurrency exchanges. You can also integrate a specific cryptocurrency exchange through their exchange integration form.
2. CoinMarketCap API
CoinMarketCap is a website that tracks exchange and liquidity markets for a mixture of cryptocurrencies and digital assets. CoinMarketCap is a top data aggregator when it comes to tracking crypto markets, and it is one of the most reputable resources in the crypto space. CoinMarketCap also has an acknowledged API for traders and developers that includes complete historical cryptocurrency market data since 2013.
CoinGecko is a top-rated site for checking crypto prices, and API is completely free - with no paid pricing plans. It is integrated with a high number of exchanges, a total of 471. With a vast 4 million free calls, CoinGecko stands out from the pack for free users, especially researchers or data scientists who have big data demands or desire to add data from smaller niche exchanges. Besides crypto prices, market capitalization, and trading volume, CoinGecko also measures community growth, open-source code development, events, and on-chain metrics for a comprehensive study exceeding just technical indicators.
Innovative features and applications are essential as the future of cryptocurrency development depends on them. More projects there are to create innovative features within application programming interfaces in 2020, the better it is. There are many websites you can pick with API data. Choosing the best API depends on your needs and the language you want to use.