These Cryptocurrency Data Sites Aim to Be More Accurate Than Coinmarketcap
The true size of the cryptocurrency market may be as little as 5 percent of its officially reported total. Coinmarketcap (CMC), the leading market data website, has been accused of unquestioningly publishing crypto exchange figures, despite compelling evidence of manipulation by many trading venues including a glut of Asian platforms. Now, a number of market data websites have ramped up pressure on exchanges to provide accurate figures.
Also read: Cryptojobs Is a Platform With 1,300 Vacancies in the Cryptocurrency Industry
Fake It Till You Make It
due to its dominance, Coinmarketcap exerts a significant pull over the cryptocurrency market, incentivizing exchanges to inflate their reported trading volume, in a invite to game the ratings system. CMC ranks exchanges by both reported and adjusted volume, in a wish to thwart the exchanges determined to fake it till they make it as legitimately active trade venues. Nevertheless, bogus volume remains a huge problem. Some have disputed Bitwise ’ s claim that the true size of the cryptoconomy is merely 1/20th of its reported total. It is apparent, however, that the amount of cryptocurrency credited with changing hands on a casual footing has been significantly overstated.
A number of market data websites, led by Messari, are striving to contribution plain figures that have not been inflated. That doing thus will distinguish these data platforms from CMC in the process can ’ metric ton detriment either. Messari ’ s Onchainfx splashboard now includes a column for “ Real 10 ” 24-hour volume – the 10 exchanges singled out by Bitwise for their honest report .
‘ They Could Fix This Problem Overnight If They Wanted ’
Coinsbit is a fiat-crypto exchange that ’ mho listed on grocery store data websites including Coinmarketcap. A spokesperson for the platform explained to news.Bitcoin.com that it was incumbent upon each exchange to act ethically and to refrain from practices that might artificially inflate volume. “ Sites like Coinmarketcap are reliant upon the accuracy of the data they ’ re run via API from cryptocurrency exchanges, ” noted the Coinsbit representative. “ While CMC can take measures to omit or penalize platforms that have been found to be misreporting volume, the burden is on the exchanges themselves : they could fix this problem overnight if they wanted, but as it stands, there ’ s no economic incentive to do thus. ”
Mateusz Sroka of market data web site Coinpaprika told news.Bitcoin.com that juke volume is a problem that has plagued the cryptocurrency industry for years, and that blatant market handling, including falsely reported volume, has been a deterrent to institutional adoption. “ In the past 12 months, we ’ ve seen pressure placed on crypto exchanges to clean up their act, and besides for market data sites to proactively penalize platforms that blatantly misreport their figures, ” he said, adding :
It ’ randomness going to take a concerted campaign to stamp out handling altogether, but there are already signs that exchanges are feeling the coerce to act more ethically, which will help to further legitimize the cryptocurrency sector in the eyes of the broad public .
These Coinmarketcap Alternatives Provide a Different Take on the Crypto Markets
For traders concern in obtaining more accurate trading figures, or accessing features that Coinmaketcap doesn ’ triiodothyronine offer, there is a number of alternatives to explore .
Messari : For “ true ” trade volume and more accurate figures pertaining to circulating supply of crypto asssets, Messari ’ south Onchainfx is the commercialize leader .
Openmarketcap : This cryptocurrency data tracker uses prices and trading volumes from trusted exchanges only in calculating average prices and total volume .
Coinpaprika : For clear data on trading volumes, plus information on price differences between exchanges, Coinpaprika has got it locked down .
Bitcoin.com Markets : For discernability, Bitcoin.com ’ s crypto asset charts are uninfected and comprehensible, with a distinct and please aesthetic. The portal vein besides offers crypto charts paired with seven decree currencies.
Blockmodo : For information on social chatter surrounding cryptocurrency projects, and how this may feed into grocery store prices, Blockmodo is ideal .
Coinratecap : This CMC alternative has a count of utilitarian features including a cryptocurrency price converter and links to about 100 exchanges .
Coingecko : For listing crypto assets the moment they ’ re tradable, Coingecko is ahead of the throng .
Coincodex : For custom-make filters, including three-month and year-to-date changes, Coincodex is perfect. Like Coingecko, it ’ randomness besides quick to list newly digital assets and features a horde of insightful data points .
What’s your favorite market data website and why? Let us know in the comments section below.
Images courtesy of Shutterstock .
Need to calculate your bitcoin holdings? Check our tools section.
Kai Sedgwick
Kai ‘s been manipulating words for a support since 2009 and bought his first bitcoin at $ 12. It ‘s long gone. He specializes in writing about darknet markets, onchain privacy, and counter-surveillance in the digital historic period.
Leave a Comment