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%.
Image Source: “Flickr”
Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.