Bitcoin’s Market Cap Data Does Not Reflect How Dominant The Currency Truly Is
As some of our readers already know, the overall market capitalization of an alt-currency is usually how its net worth and future value is defined. However, according some experts, “Bitcoin Buy” is a much more efficient and potent way of assessing the real worth of BTC and other similar digital currencies.
Recently, the developers of CoinMarketBook called out the folks at Coinmarketcap since they believed that they were presenting their customers with “manipulated statistical data” that only took into account the “total market cap” of any particular altcoin (thereby leaving out many key pieces of detail which also influence the real value of an asset).
On the matter, a spokesperson for CoinMarketBook added:
“Market cap is a lie. Buy support tells the true story.”
This sentiment has also been echoed by an array of industry pundits who too have showed their support for this metric system.
”Bitcoin Buy” Metric Exposes True Value Of Various Altcoins
If the data being presented by CoinMarketBook is to be believed, the narrative that Bitcoin is “losing ground” to other assets such as XRP and ETH is completely false. When using the “buy support” metric, we can see that BTC commands a majority of the market's attention.
Also, to elaborate on what the “buy support rating” actually means, we can see that it is essentially the “amount of buy support relative to BTC that exists for the currency at any given point in time”.
Lastly, the next currency on the list is Ethereum, which still holds a solid rating of 19.3 percent, while Ripple holds a “buy support” score of 8.4 percent.
As per CoinMarketBook’s metric outlook, their data seems to suggest that the crypto market at large is quite stable and that the ongoing bear market will eventually subside within the coming 6-8 months.