Chances are, when you Google “what is the price of Bitcoin?” you are taken to coinmarketcap. On it you can find reliable information on the value of tokens, trading volumes, as well as the market capitalization of cryptocurrencies.
However, apparently, not everyone believes in the reliability of the information on this site. A man named Andrew Renhack has developed an alternative to good old coinmarketcap, which he sarcastically calls “honest coinmarketcap.”
According to Bitcoin.com, Coinmarketcap has been criticized by Renhack for “it collects information in an inefficient way, compounded by the way the platforms record their trading activity.” The “honest coinmarketcap” site is just a page in a Google document, and it is also not entirely clear where the author gets the information for analysis.
However, if the data Renhak provided can be trusted, then the trading volumes shown on coinmarketcap are extremely inflated.
The second tab of the “honest coinmarketcap” table compares fiat volumes with the volumes indicated on coinmarketcap. According to this table, the actual 24-hour trading volume of Bitcoin is $1,508,351,500.00, not $8,281,980,000.00 as claimed by the famous site. The difference is approximately 80%. XRP and BCH trading volumes were reportedly inflated by about 40% and 70%, respectively.
It is not yet known whether the information from “honest coinmarketcap” can be trusted, but according to CoinDesk, the results of Renhak's research are completely consistent with previous reports, which claimed that trading volume on some exchanges can be inflated by as much as 95%.
According to https://www.financemagnates.com
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