We reviewed the numbers with Jonathan Chu, VP of Product at Blockfolio, to find out if CZ really bought the ‘top of the funnel’ – and at least one of the answers isn’t in CoinMarketCap’s favor.
Following Binance’s acquisition of CoinMarketCap, we have some great news for Changpeng Zhao: the silver medal is still worth winning.
To celebrate the seventh anniversary of the platform’s launch, CoinMarketCap invited crypto industry participants to ‘roast them’ today. And we’re happy to oblige.
@Cointelegraph: Since your writers never create any original content, wanna try your hand at being creative for once and roast us? #RoastCMC
– CoinMarketCap (@CoinMarketCap) May 1, 2020
We’re #2 – so we’ll try harder
Chu shared internal documents with Cointelegraph that showed the number of page impressions on the Blockfolio app in the month of February. Although we were asked to keep absolute numbers out of this article, we were able to verify that while Blockfolio trails CMC in terms of unique users, it significantly outstrips the data company when it comes to impressions across both web and mobile app – often the first number that marketers and advertisers want to see.
We first compared the install base of both apps. Blockfolio’s installation numbers are almost two orders of magnitude higher than CoinMarketCap’s app, according to data from mobile app analytics company AppAnnie.
We then extrapolated impressions using Amplitude, and credited each app with the same number of impressions per installation. Winner – by over a hundred million impressions? Blockfolio.
We have reached out to CoinMarketCap for specific analytics on their mobile app, but did not receive an immediate response.
From there, we went to SimilarWeb, an industry-standard tool for comparing traffic. On the web CoinMarketCap’s presence dwarfs Blockfolio, with a total viewership of 95,692,200 pages… compared to just 217,400 for the portfolio tracking app.
However, even when we added CoinMarketCap’s massive web advantage to the equation, we were still able to conclude that Blockfolio comes out millions of impressions ahead in total.
Ouch, that has to sting
When Binance acquired CoinMarketCap for an undisclosed sum, CZ was quoted as saying “they have the users” and industry insiders suggested that the exchange had bought “the top of the funnel”, a marketing term for capturing users and diverting them into revenue-generating products.
But the numbers reviewed by Cointelegraph suggest Binance may still have some way to go before it catches up to the competition – at least, on pure ad impressions.
As Ed Moncada, CEO of Blockfolio, put it:
“Given how much people refresh our app, I guess it’s not just the size of the boat; it’s the motion of the ocean that counts.”
CoinDesk’s Statement on Coronavirus and Blockchain Week NYC
As of today, CoinDesk is moving forward as planned with Consensus 2020 and Blockchain Week NYC, but we will be monitoring the situation on a daily basis between now and May 8.
We have over 60 speakers confirmed in our great lineup, including Kevin Werbach from the Wharton School, the influential economist Carlota Perez and Chris Burniske from Placeholder. There are 90+ companies that have already signed on to sponsor the event, including 10 for the fifth consecutive year. Attendee registration is on pace with last year.
Nevertheless, we understand there are concerns regarding coronavirus and its impact on Blockchain Week NYC. We are closely monitoring what the Centers for Disease Control and Prevention (CDC), local and state government agencies, and other health organizations are saying regarding the spread of COVID-19. We continue to work closely with the New York City Economic Development Corporation (NYCEDC) and all of our partners in Blockchain Week NYC to ensure attendees are safe.
With that, we are instituting the following policy: If Consensus is cancelled due to guidance from health organizations and local/federal governments, attendees will receive a full refund on their ticket purchase within 60 days of CoinDesk making the announcement to cancel. Further, if an attendee is unable to attend because his or her home country is barred from traveling to the United States, we will also issue a full refund within 60 days.
We’re excited to have all of you join us at Consensus from May 11-13 and the Blockchain Week NYC events taking place from May 8-15. We’ve planned an industry-leading agenda, and the quality of attendees who have already registered will make for worthwhile networking opportunities. Register today for a worry-free ticket to the most important event of the year.
If there are any questions, please direct them to:
Our primary concern is for the safety of all attendees! We will continue to provide timely updates regarding Consensus and Blockchain Week NYC in this blog post and on the Consensus 2020 homepage.
Thanks, and see you in May!