The cryptocurrency monitoring service Coinmarketcap are looking to add a feature to their platform. They may allow users to vote on which assets that should be listed and tracked, according to a Twitter survey.
Coinmarketcap is one of the most used and well-known tracking websites for cryptocurrencies, exchanges and ICOs. Basically for everything involving cryptocurrencies. Since cryptocurrencies are a fairly new asset class and also decentralised, the industry is evolving every day. It is hard for tracking companies like Coinmarketcap to know how to evaluate different projects or exchanges due to the lack of regulation.
Two weeks ago research found that over $6 billion of the exchanges daily volume are faked which revealed that seven out of the top ten exchanges on Coinmarketcap are faking their daily volume. They are pumping their volume by 12 to over 100 times more than their true volume.
Even though Coinmarketcap cannot help that exchanges are ‘cheating’ to gain traction, they try to amend the different situations. To solve the issue, the tracking company updated their exchange listing policy and stated:
“Our philosophy is to provide as much information as possible to our users so that they can form their conclusions and interpretations – and not introduce our own bias into that mix.”
The new policy and service have added 7-day and 30-day trading volume and the establishment dates for each exchange listed. Therefore, it is possible to track the consistency of the volume progressions and detect unusual swings in trading activity.
More recent research showed that less than 30 cryptocurrencies have less than 400 daily active users and some had close to zero. This is also an issue since Coinmarketcap wants to show the best projects and correct data. The new findings make Coinmarketcap, and other tracking companies improve their sites regularly.
On September 12th Coinmarketcap released a Twitter survey to tackle the stated issues. They asked followers wheater they would be interested in influencing future listings.
“Would you be interested in voting for projects or exchanges to be listed on Coinmarketcap?”
In two days over 5,500 people have voted, and 61% says absolutely, 10% no way, and 29% do not see the reason why it would be necessary.
Despite the falling market, the industry is expanding. According to the company’s website, Coinmarketcap has listed and are tracking 1950 cryptocurrencies with a total market cap of around $200 billion, and the Bitcoin dominance hovers around 55%.
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My name is Dennis Sahlström, I have been trading and investing since 2012 and have since June 2017 made between 3-6% a month. I have been watching the crypto market since the beginning of 2017 and saw the great returns a lot of people had gotten. I thought I needed to do my research! Since then I have been studying the crypto market and realised the great potential Blockchain have. Some say it’s internet 3.0 we are looking at and I am sure its here to stay. It is already changing industries and the world. Also, I am running a crypto education platform because I think people should educate themselves about the opportunities we have in front of us.