We use quite some in-depth terms on our platform, which might be hard to understand if you are just starting and want to explore cryptocurrencies. Here we explain the words we use, to guide you through our products.
All-time high (daily average)
All-time high (daily average) is the highest daily average price of a coin.
Bitcoin dominance (vs. alt dominance)
Bitcoin dominance refers to the percentage of market share Bitcoin holds in the total cryptocurrency market. Example: if the total market cap of all cryptocurrencies is 1 trillion, and Bitcoin’s market cap is 400 billion, then the Bitcoin dominance would be 40%. The altcoin dominance is the market share of alternative coins in comparison to Bitcoin.
A blockchain is a chain of blocks in which information and transactions are stored which makes it transparent. Blocks are made by validators and are hashed so they are irreversible. Blockchain is a blockchain-based on a reward system of fees.
Circulating supply is the number of coins that have hit the open market. These coins are available for people to trade.
Cryptocurrencies are the money valued communication method of a blockchain. It is used to grant access to a blockchain and to reward validators. The first generation of cryptocurrency is bitcoin. The second generation is the range of alternative coins that have a different type of blockchain technology. The third generations are tokens build on an existing blockchain.
Delayed proof of work
This is a proof of work mechanism that works on the energy of a normal proof of work mechanism. It is slower but eco-friendly and therefore ideal for smaller blockchains.
Exchanges are the online markets where cryptocurrencies can be bought and sold.
Fully diluted market cap
A fully diluted market cap is a coin's price multiplied by its total supply. It shows what the market cap could be if all coins were in circulation, with the current price.
Initial Coin Offerings (ICO)
ICO is a method for fundraising and distributing tokens. Participants of an ICO buy tokens generated by a startup company or a foundation.
An issuance blockchain is a blockchain on which a token is issued. A blockchain can host many different tokens.
Market cap is the circulating supply of a coin multiplied by its current price. So, if a coin has 100 units outstanding and is trading for $10 a coin, it has a market cap of $1,000. The total market cap is the market caps of all cryptocurrencies combined.
The number of markets available on Coinranking; the available transactions between two cryptocurrencies.
Maximum supply is the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.
A non-fungible token (NFT) is a completely unique digital asset stored on the blockchain. An NFT has its own identifiers and is one of a kind. An NFT is a token standard with a set of attributes and functions in the form of a smart contract that must be met to be managed, owned, and traded.
Open source means that the source codes of software is available to anyone and that you’re free to analyze and to copy it in almost any way. We are open sourced a part of our code; read all about it on our blog.
A peer-to-peer network is a decentralized network of direct contact. Transactions are made without a third party.
The price of a cryptocurrency is the amount of money that has to be paid to purchase or sell that particular cryptocurrency. The prices are most frequently shown in Dollar, Euro, or Bitcoin. On Coinranking you can see the prices in any currency of your choice. Example: the price of one Bitcoin in Ethereum is 53 ETH.
A private key is a code that works together with the public key. This code is private because it gives full access to the stored value on the public key.
Proof of stake (PoS)
Proof of stake is a consensus mechanism that determines the validator of the next block in the form of various stakes. This could be age, weight in tokens, or randomness. This consensus mechanism costs less energy.
Proof of work (PoW)
Proof of work is a consensus mechanism that determines the miner of the next block in the form of mathematical puzzles. The cracking of the puzzle ensures security by proving that work had been done.
A public key is the official name of an address. It is a hash that codes the information. It is public so it can be used to receive transactions without giving anyone access.
Smart contracts are pieces of code that run without the reliance on a single entity, but on a network of entities. This code ensures censorship resistance, up-time and transparency.
Total supply is the total number of coins that exist today minus the coins that have been burned.
Burned coins are coins that have been destroyed or sent to a wallet that nobody can ever access.
Crypto wallets allow you to store your private and public keys, keeping your crypto safe and accessible. You can also send, receive, and spend cryptocurrencies.
24h volume is the total value of all trades on exchanges made in the past 24 hours.