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CoinmarketCap is going to reorganize how they report on your favorite cryptocurrencies:
CoinMarketCap Admits Fake Crypto Volume an Issue, Plans Revamp for BTC, ETH, XRP and Altcoins
In response to Bitwise calling out Coinmarketcap.com for reporting false trading volume for Bitcoin and a number of other cryptocurrencies, the website is planning on changing some things up and adding new features that will enable a more transparent view of how things are moving with Bitcoin and other cryptos.
For example, they will be adding new liquidity analytics, reports on hot and cold wallets balances, and site traffic data for exchanges. That last one is important because often times when you compare the amount of volume being reported by an exchange compared to the amount of traffic that exchange sees by actual visitors, there can be quite a disparity between these two figures.
There’s no denying the amount of people who use Coinmarketcap to learn about the status of their favorite coins and I, for one, think it would be great if they could develop a method that more fairly and accurately reports on this kind of activity. Also, I want to note that I appreciate the decision to provide the raw data so that users can make their own judgment calls and learn what to pay attention to instead of the website itself placing its opinions on the data on display.
That being said, are you ready to arm yourself with the knowledge it takes to decipher between the B.S. and the genuine?
Here are some other things to consider when this new format is introduced:
The numbers will make network activity on Bitcoin appear smaller for sure, but more uniformed and honest as well.
What will this do to market sentiment?
Will this effect how BTC is perceived for institutional investors?
Let me know what you think in the comments down below.
