CoinMarketCap Criticized For Not Reflecting The “Actual Trade Volume” Of Multiple Alt-Currencies
CoinmarketCap [CMC] Criticized For Not Reflecting The “Actual Trade Volume” Of Multiple Alt-Currencies
Over the course of the past few days, more and more crypto enthusiasts have come forth and spoken out against some of the “shady operational tactics” that CoinmarketCap has been resorting to in recent times. For starters, the platform has been under fire for “not displaying” the correct circulating supply of multiple digital assets as well as for its outright “refusal” to eliminate fake volume exchanges (from its U.I).
The Scrutiny Intensifies
As many of our readers probably already know, Coinmarketcap is a crypto tracking platform that is designed to monitor the real-time value of most altcoins available in the market today. Not only that, but it also keeps tabs on the circulating/total supply of most cryptocurrencies.
However, over the past few months, a massive number of complaints have started to crop up in relation to CoinMarketCap. To begin with, the platform has failed to accurately keep track of many different altcoins despite there being enough data available online. Not only that, but the company’s dev team has also delisted a number of Korean crypto-exchanges (over a month back) without providing their operators with any concrete reasons. As a result of all these moves, CMC has started to lose some of its overall market appeal.
Redditors Speak Out Against CMC
As part of its most recent problems, it now appears as though Coinmarketcap is not removing the exchanges that have been found guilty of “faking their trading volume” from their platform. To be even more specific, we can see that a recent Reddit post pointed out that FATBTC and HoBit, two companies that are known to fake their Quants trading data, are still listed on CMC.
On the subject, a Redditor was quoted as saying:
“Coin Market Cap is one of the biggest problems with this market. Making up their own arbitrary rules, pushing some coins, hindering others. They answer to no one and can swing the whole market on a whim. I can’t wait until we have someone reputable like NASDAQ being the most popular aggregator. Just a little bit longer.”
Despite several efforts to get in touch with Coinmarketcap’s executive team, a whole host of established media houses have been left in the dark as to why the company is indulging in such shady activities. And even though there are quite a few more ‘market-cap tracking’ services available for the masses today, CMC has by-and-large become the go-to portal for anyone looking to explore the world of digital currencies.
With all of this information now out in the open, it remains to see how the future of CMC plays out.