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The largest aggregator of cryptocurrency market data, CoinMarketCap. com is designed to improve its services further as it accepted that data on the website is not precise.
The organization told Bloomberg that concerns over exchanges’ trading volumes inaccuracies “are valid”.
Now, in addition to the measures taken this past year, CoinMarketCap. com plans to incorporate liquidity measures, hot and cold wallet balances and traffic data for outlined exchanges, the report said, citing Carylyne Chan, global head of marketing at the site. According to her, the web site wants to provide just as much information as possible so their users can draw their own conclusions without the need for the website to "make arbitrary judgment phone calls on what is ’good’ or ’bad’".
Meanwhile, final year, the website removed volume requirements for exchanges to be listed, introduced 7-day and 30-day volume, and started listing establishment dates for exchanges. At the time of writing, there are 236 exchanges listed on CoinMarketCap. com.
Last week, crypto investment company Bitwise Asset Management said that the CoinMarketCap. com data includes a big amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.
Bitwise claimed that approximately 95% of this volume is usually fake and/or non-economic within nature and that the particular real market for bitcoin is drastically smaller. Simply 10 of the seventy-eight top exchanges are showed have actual volume, based on a firm. However, it omitted Korean exchanges from the particular analysis and admitted that will not all fake trades are an easy task to spot.
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