Finance News
By TCA PR
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Over 125 million people rely on CoinMarketCap’s (CMC) data. They refer to the platform for live prices of cryptocurrencies and consider it a trusted source of information on all…
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The doubt and distrust in CoinMarketCap’s system arose after Binance acquired CMC. Soon after the acquisition, CoinMarketCap introduced a new default ranking metric that put…
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But after harsh criticism from the Bitmex community, CoinMarketCap was forced to readjust its rating mechanism.
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CMC’s major algorithm change also impacted the way it ranked the top 200 coins. For no apparent reason, some cryptocurrencies took a massive dive.
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XinFin Hybrid Blockchain (XDC) and Polkadot (DOT) were the worst affected by the change. In less than 24 hours, the rank of Ethereum co-founder Gavin Wood’s venture Polkadot…
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Going by the community discussions, there have been no major changes with exchange volumes or trading pairs of XinFin Network’s token.
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One more coin, The DAPS Coin moved from the 176th position to 1,173rd in a single day. Even for this, CMC shared no explanation as to what caused DAPS Coin to fall by 1,000…
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There was, however, no impact on the rankings of other similar projects with less community support, lower project activity, and lower volume than XinFin Hybrid Blockchain and…
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As per Coinmarketcap’s Metric Methodologies page, some indications include Liquidity Score (Market Pair, Exchange) and Web Traffic Factor (Exchange).
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As CoinMarketCap sneakily changes its algorithm to suit its biased motives, people are starting to see the reality.
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It’s highly likely that if CoinMarketCap continues to serve biased information to its audience, people would eventually find out. And the company may risk losing its market share.
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The blockchain and crypto community has always been about decentralization of power. It has been about shifting away from a centrally controlled and biased system.
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And as CMC tries to attain central control over how the community perceives certain projects by misrepresenting their credibility, it is up to us users to speak up against their…
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