It's not the best idea to trust the indicators of cryptocurrency exchanges. Because at least 95 percent of the trading volume of platforms is fake. Even the leading market data website, Coinmarketcap has been repeatedly accused of publishing inaccurate information. But other cryptographic aggregators already have more control over the information that various exchanges provide them.
Because of its dominance, Coinmarketcap has a significant impact on the cryptocurrency market and stimulates exchanges to chase ratings. Therefore, there is a high temptation to provide inflated figures. CMC sorts the exchanges both by the submitted and the adjusted trading volumes. It helps to sift out malicious platforms. However, fake trading volumes remain a huge problem. Some do not believe the Bitwise allegations that the true size of crypto markets is only 1/20 of the reported volumes. But, the fake of daily trading volume is evident.
By the way, there are other sites with market statistics. For example, in Messari, they try to share only real numbers. Consequently, as part of the process of studying market data, it would not be superfluous to compare indicators with several aggregators at once. Messari's Onchainfx monitoring system now includes a 24-hour trading volume "Real 10" column - 10 exchanges, the integrity of which has been verified by Bitwise.
So, I want to share the top 7 alternatives to CoinMarketCap, where you can check data about cryptocurrency.
- Messari: The undisputed leader in this industry is Messari's Onchainfx platform. There are honest indicators of daily trading volume of available cryptocurrency exchanges.
- Openmarketcap: this crypto data tracker displays prices and trading volumes from verified exchanges only.
- Coinpaprika: has long secured the status of the platform, where there is always only accurate data of trading volumes, as well as information on price differences between different cryptocurrency exchanges.
- Bitcoin.com Markets: it is convenient to check the charts of digital assets here. Also, these data are rechecked, so you can not worry about their accuracy. Here you can also see nice graphs comparing cryptocurrency with seven fiat currency.
- Blockmodo: if you are interested in what the community says about various cryptocurrency projects, as well as their potential impact on the market, you have to check Blockmodo.
- Coinratecap: this alternative to Coinmarketcap has several useful features, including a cryptocurrency price converter and links to nearly 100 exchanges.
- Coincodex: if you want to use convenient report filters, including viewing three-month or annual changes, then this Coincodex has no equal. Also, here, all new digital assets appear very quickly, with which you can get a lot of useful information.
What market data sites do you use? If this list does not contain your favorite resource, share it in comments below.
