CoinGecko challenges CoinMarketCap's dominance as a crypto market resource

“CoinGecko is locked in a David and Goliath battle to be the site record for crypto financial information.”

The gap is narrowing between crypto analytics providers CoinMarketCap and CoinGecko when it comes to the number of website visits each receives per month.

According to a Dec. 1 report from news outlet The Ken, CoinGecko had 20.6 million monthly desktop and mobile visitors as of October, compared with CoinMarketCap’s 29 million. These numbers represent a 135% increase in site traffic for the Singapore-based firm since May, when CoinMarketCap drew four times as many visitors as the competitor.

Source: The Ken

While both websites saw small peaks in traffic during July, CoinMarketCap has not significantly widened the gap since Binance acquired the site in April for a reported $400 million.

At the time, CoinGecko's co-founder and chief operating officer, Bobby Ong, told Cointelegraph that it would be “hard for CoinMarketCap to stay neutral and independent," following the acquisition. In July, just three months after the announcement, CoinMarketCap put Binance’s Binance Coin (BNB) token at the top of its decentralized finance list, later withdrawing it and claiming the listing was “a case of human error.”

“Growing demand coupled with question marks about CoinMarketCap’s impartiality post its acquisition have given CoinGecko an opportunity to grow into a major player,” said The Ken report. “CoinGecko is locked in a David and Goliath battle to be the site record for crypto financial information.”

Compared with CoinMarketCap, which the report refers to as the “800-pound gorilla of crypto pricing sites,” some see CoinGecko as the independent underdog slowly making its way to the top. “We have closed the gap [with CoinMarketCap] significantly this year and are quite close to overtaking them. Most serious crypto traders, investors, and users have already made the switch to CoinGecko,” said Ong.

Publication date: 
12/07/2020 - 21:29
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.