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Coinmarketcap Launches iOS Mobile App

· May 2, 2018 · 7:00 pm

Coinmarketcap (CMC) has released its first-ever mobile app. The cryptocurrency price and market capitalization website announced the release of the app on April 30. The launch of the app is part of CMC’s five-year anniversary celebration.

The Coinmarketcap App for iPhones

The new CMC mobile app is compatible with the iOS smartphone platform. It enables users to view crypto price, market cap and 24-hour price changes on the go. App users can select from a variety of filter options to see all tokens, the top 100 tokens or their watchlist tokens.

Watchlist tokens are specific cryptos that the users have selected. To include a cryptocurrency in the watchlist, users have to push the star-shaped icon on the token page. The app also uses tokens so people can record save and sync their watchlist between different devices.

The new app doesn’t appear to bring any novel feature. Many crypto traders already use different platforms to monitor price movements in the market.

Commenting on this observation, a spokesperson for CMC told TechCrunch that:

Are there other places where people can get the data and do we have copycats? Sure. However, we are the only site that you can guarantee is sourcing, gathering, and verifying the data itself, and we pride ourselves on being the first and best regarded within the industry.

Five Years in the Business

May 1, 2018, made it five years of CMC being in the business. The platform has grown tremendously to become the 175th most visited website in the world, according to Alexa rankings. Also, more than 60 million people have visited the site so far in 2018. The CMC Twitter account currently has 425,000 followers.

When CMC began, it was reportedly tracking seven cryptos and a few exchange platforms that amounted to about $1.6 billion in market cap. Presently, the website monitors over 1,600 cryptocurrencies and 200 exchange platforms that amount to more than $400 billion in market capitalization. In January 2018, a decision by the site to delist South Korean cryptocurrency exchange platforms caused a wave of massive panic selloffs.

Rebranding the Coinmarketcap Platform

The website has also made some changes to its brand image with a new logo, color scheme, and font. The new Coinmarketcap logo contains the CMC initials and a wavy design that depicts the volatile nature of the crypto market. CMC has also made changes to the website API. The website still plans to release a new commercial API that includes historical data.

A statement by CMC commenting on these latest developments said that:

We pay close attention to the needs of our users and always encourage people to leave us feedback. We are hard at work to bring you more features that will give you more control over your experience while exploring our data.

Do you think the Coinmarketcap mobile app will be as popular as the website? Please share your views in the comment section below.

Images courtesy of Coinmarketcap and Twitter.

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Coinbase App Hits Number One While Suffering Growing Pains

· December 8, 2017 · 3:30 am

The Coinbase App became the number one free app in the US App Store for the first time ever as Bitcoin exploded in value even though the actual site was down for parts of the day due to excessive demand.

Yesterday saw a wild roller-coaster ride as Bitcoin shot up in value, racing way past the $15,000 mark to even greater heights before falling back again. Naturally, this led to a massive influx of people looking to buy or sell the cryptocurrency, which helped push the Coinbase app to becoming the number one free app on the Apple’s US App Store for the first time ever.

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Hitting Number One

Actually, I’m surprised that it took this long for the Coinbase app to hit the top spot. It seems you can’t turn around without hearing some expert giving their opinion on Bitcoin and other cryptocurrencies during the last few months.

Coinbase is the world’s largest and most well-known digital currency exchange and has a value of $1.6 billion. What is interesting about the Coinbase app taking the number one spot is that the actual service was down for a number of stretches during the hectic day. This caused no end of angst for people looking to log in and take advantage of Bitcoin’s historic, and bumpy, ride.

Getting Bigger Brings Problems

Since launching in 2012, Coinbase has expanded alongside the growth of Bitcoin and cryptocurrency. Yesterday saw the site scrambling as traffic spiked immensely due to Bitcoin’s price surge. This is nothing new as the site went down as well when Bitcoin hit $10,000, which led to a doubling in traffic from the previous peak a few days before that and a full 8 times the traffic from their previous peak back in July. The peaks just get higher and higher as more people climb aboard the cryptocurrency train.

The result of all the traffic yesterday was that all of the major Bitcoin exchanges, such as Kraken, shut down at times during the day. While those looking to log in weren’t happy, neither was Coinbase. As Jeremy Henrickson, the chief product officer at Coinbase, said:

There are some well-known places this year when we weren’t able to keep up with the volume. We are not where we need to be yet.

Coinbase is working hard to keep pace with Bitcoin’s growth. The company is adding two more floors to their building in San Francisco, and it is leasing office space in New York to handle business from Wall Street via their GDAX exchange. Coinbase has beefed up their customer support to around 180 people from the meager 24 it had at the start of 2017. The company wants to have 400 customer support employees by the end of the first quarter of 2018 to help alleviate their 10-day backlog of service requests.

It’s absolutely amazing to see how far cryptocurrency, and its related business ventures like Coinbase, have come over the last few years. The ongoing demand helped push the Coinbase app to becoming number one even though the site went down a few times and its recent loss against the IRS that required it to hand over data from 14,000 transactions, which was a far cry from the original almost 500,000 records sought by the US federal government.

It appears that being sued by the IRS and having technical issues due to explosive demand has not put any dampener on people’s enthusiasm for Coinbase. With cryptocurrencies continuing to rise, who can blame them?

Do you use the Coinbase app? Were you affected by Coinbase going down yesterday? Let us know in the comments below.

Images courtesy of Pexels, Coinbase, and Bitcoinist archives.