Crypto Market Insights: CoinGecko Publishes Its Quarterly Report For Q2 2019
CoinGecko, a leading cryptocurrency aggregator,
has published its 2019 Q2 Cryptocurrency Report. The 46-page report gives a comprehensive overview of the state of the crypto assets market and key events that took place in the second quarter of this year. Commenting on the report, Bobby Ong,
co-founder of CoinGecko reiterated that:
“Crypto summer is undeniably upon us as we see the industry enter the mainstream consciousness again, in part due to Facebook’s recent announcement of Libra. The release of the CoinGecko Trust Score during Consensus New York has been met with a positive response which emboldens our resolve to power our users with richer data to make better-informed decisions.”
The Second Quarter of 2019 saw a massive 125 percent increase in the overall crypto market capitalization as crypto winter gave way to the bullish summer. Notably, king bitcoin led the gainers’ table with 165 percent from $4,103 to $10,888, with a market dominance of 66 percent at press time.
The crypto trading platforms and exchanges have also grown significantly. A total of 302 were added in the last 18 months throughout CoinGecko’s 5-year history. Hackers have also improved their game, with top exchanges like Binance also getting hit by the rogue actors. Due to an increase in demand for more secure trading venues, decentralized exchanges (DEX) have started gaining significant traction.
CoinGecko’s Trust Score Explained
The Trust Score algorithm was built to present CoinGecko users with normalized, accurate trading volume data based on exchange traffic statistics from Similar Web and in-depth order book data. CoinGecko’s Trust Score currently comprises of two divisions: Normalized Volume and Trading Tickers.
(1) Normalized Volume according to their Web Traffic statistics via Similar Web.
(2) Trading Tickers takes into account order book spread, depth and more to determine their liquidity.
Lightning Network Gaining Adoption:
The report also talks about the development of the Lightning Network, Bitcoin’s layer-2 scaling solution. The Lightning Network’s overall capacity grew by 87 percent to over 1,100 BTC, while its node count doubled to 4,576 nodes at the end of Q2 2019.
CoinGecko’s primary objective is to provide a 360-degree overview of the crypto markets, providing users with the right information they need to succeed in the super volatile world of cryptocurrencies.
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