The major cryptocurrency price tracker and data aggregator CoinMarketCap has launched a new professional API data feed that is tailored to the needs of cryptocurrency funds and developers.
After providing us with a basic and zero-fee API for years, CoinMarketCap decided to rebrand and now has a product line which offers more data points as well as higher rate limits that will meet the needs of professional users such as trading firms.
Currently, there are two tiers available with the new data feed:
- A “hobbyist” one that starts at $79 per month and
- A “professional” tier that is priced $699 per month and meant for bigger clients
The new service also offers an enterprise-level API which can be customized to meet the specific needs of developers or funds. The founder of CoinMarketCap, Brandon Chez, has commented the new launch, stating:
“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.
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 new data feed product by CoinMarketCap follows the announcement that the website was going to take steps to “over-provide” users with data and analytical tools. This would answer the criticism that the website ‘was not always accurate about the state of the cryptocurrency market.’
This is why CoinMarketCap removed the minimum volume requirements for cryptocurrency exchanges which wanted to publish their data to the platform – removing an incentive that was manipulated in order for them to rank higher on the CMC daily charts.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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