CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
It Was Reported That Binance Had Purchased The Well Known But Often Criticized Coinmarketcap Website For USD 400M Equivalent - We Have Some Concerns Around Motivations Behind The Purchase
In spite of being widely criticized for having erroneous data, perpetuating exchange volume falsification and being a generally misunderstood resource, Coinmarketcap is the most visited crypto-related website in the world. The worldwide Alexa ranking for coinmarketcap.com is #570. That compares with Binance at #1,691, Coinbase at #1,558, CoinDesk at #5,357 and BitMEX at #29,956. Its popularity has often been bemoaned by crypto enthusiasts due to its emphasis on price and 'size' of market cap which has been widely described as a flawed metric for crypto.
Crypto Takeaway: We'd argue that coinmarketcap.com may be the most expensive domain name purchase of all-time. The official most expensive domain buy was USD 345M for Business.com in 2007. While the comment is somewhat, 'tongue in cheek' we see little else of value that comes with the coinmarketcap purchase. The businesses' captured data, which is endlessly flawed, is fully available via free API. While there would be additional user data available, intuitively, additional information around what pages users spend the most time investigating would probably have little value. With most users likely to miss the purchase announcement, the most obvious use for the website for Binance is to promote its products with a seemingly objective tone. We'll monitor coinmarketcap for any changes to the way data is presented, sourced, etc...