Cryptocurrency price tracker and data aggregator CoinMarketCap has launched a new suite of professional API services designed for cryptocurrency funds and developers.
The website has long provided users with a basic, zero-fee API, but the new product offers more data points, as well as higher rate limits to meet the needs of professional users such as trading firms.
The “hobbyist” tier starts at $79 per month, while the “professional” tier will set projects back $699 per month. The service also offers an enterprise-level API that can be customized to meet a fund or developer’s specific needs.
“As part of our mission to continue growing the cryptocurrency sector with our partners, our professional API will ensure that the CoinMarketCap data that users know and trust can be integrated into every application,” said Brandon Chez, founder of CoinMarketCap. “Our API comes with a best-in-class developer dashboard that will help every developer – from hobbyist to large-scale cryptocurrency product teams – make the most of our data.”
The release of CoinMarketCap’s suite of new professional data feed products follows the announcement earlier this month that the website was going to take increased steps to “over-provide” users with data and analytical tools, answering criticisms that the website did not always provide an accurate picture of the actual state of the cryptocurrency market.
Toward that end, it removed minimum volume requirements for cryptocurrency exchanges seeking to publish their data to the platform, removing one incentive that upstart exchanges had to try to manipulate the website’s statistical algorithms to rank higher on CMC’s daily volume charts.
“Again, we want to state that our philosophy is to provide as much information as possible to our users, so that they can form their own conclusions and interpretations – and not introduce our own bias into that mix,” the company said at the time.
Tuesday’s platform update begins to fulfill that promise, with a new exchange-ranking system that gives users more tools to analyze exchange data. Prior to the update, volume statistics could only be viewed over a rolling 24-hour period; now, users can view volume by weekly and monthly intervals. Additionally, CMC now identifies what fee model an exchange uses since this can have a heavy impact on a venue’s notional volume.
CoinMarketCap also announced in today’s update that the company will begin adding data from derivatives markets and over-the-counter (OTC) exchanges to its platform, providing users with a more comprehensive view of the market outside of the spot cryptocurrency exchanges which most retail investors frequent.
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Last modified: May 20, 2020 6:20 PM UTC