What is CoinGecko? There are so many Altcoins released every single day, and it’s so difficult to make a decision on which one to buy, which one to sell and which one to hold and when to do all three. Well, CoinGecko may be able to make your life a lot easier in that decision-making process. Let’s find out more about what CoinGecko can do for you as an investor.
What is CoinGecko?
CoinGecko is an evaluation and ranking site that analyses the cryptocurrency market. It uses several different measures to examine altcoins and provide useful data that will help investors to determine the value of a particular coin easily.
What can CoinGecko do for you?
As we have already established CoinGecko evaluates and ranks cryptocurrencies, so you don’t have to; therefore investors can make informed decisions about which coin to buy, sell or hold. The factors that CoinGecko uses are as follows;
Any altcoin with reasonably good market share is considered by CoinGecko as a very popular coin, and many investors are interested in it; which can be a good thing.
I think we can all agree and History has proven this; that most cryptocurrencies that have a strong community base and are loved by the masses; have the most potential to succeed and grow even more. CoinGecko looks at the amount of backing a cryptocurrency has through Facebook, Reddit, Twitter, subreddits and so on, then provides the relevant data.
Many Altcoins are not taken care of or managed by their developers, and hence their market potential is inferior; if they have the potential at all. Therefore, CoinGecko keeps a close eye on the cryptocurrencies’ development activity using ‘public source code repositories’ like Bitbucket and Github.
On the same point of market potential, an altcoin’s liquid value determines the true measure of its market potential. Therefore coin CoinGecko can analyse each altcoin and determines whether it will grow to be successful in the future or not.
A coin’s online ranking is essential in identifying its true value, and CoinGecko analyses this to determine how popular a coin is. The higher an altcoin ranks, the more traffic that the altcoin generates; ultimately meaning it is quite popular.
How does CoinGecko work?
CoinGecko analyses more than 100 cryptocurrencies with some of the popular ones like; Bitcoin, Litecoin, Ethereum, and Ripple being among them. However, they also support other altcoins such as verge, Cardano, IOTA, Dash, Zcash, Dogecoin and so on.
So how it works first of all, if you want to get in on the action, you have to create your account; which is very easy and will take about 10minute or less. Signing up is free, and all you have to do is click on the signup tab; and follow the instructions and you are in. Once you are signed up, if you click on the coins tab, it will display a page with over 2000 coins and their: price, market cap, 24hr price change, liquidity, percentage of developer activity, percentage of public interest and percentage of community support. Furthermore, if you want to see more details about a particular coin; all you have to do is click on that coin.
Also, if you want to keep an eye on upcoming ICO to invest in; you can easily click on the ICO button shown on the website.
Since CoinGecko was launched, it has grown a lot and has gotten a lot of positive feedback on how easy the to use the interface it; and also how their data is illustrated clearly and is easy to understand. Nevertheless, even though there may be a few negative comments about CoinGecko, it still has a lot of room to grow. It adds more coins every week as they are created continuously. With that they also add more factors and metrics; that helps an investor make an informed decision about the value of a coin compared to others. Perhaps it could even compete with coinmarketcap if it continues developing as it is, who knows?