How many currencies are suspected of false trading volume, how can Bitcoin self-certify?
The real trading volume of Ripple is only $82 million.
Ripple, the third-largest cryptocurrency, has a total market capitalization of $13.7 billion. According to CoinMarketCap, as of this writing, the 24-hour trading volume of Ripple is $1.2 billion. However, according to OpenMarketCap (which only collects data on non-shuffle transactions and non-fair transactions), the daily trading volume of Ripple is only $81.7 million. This is a very shocking illiquidity data, indicating that up to 93% of Ripple's trading volume is false.
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In addition to Ripple, other cryptocurrencies that may have false trading volumes are:
Litecoin: the actual transaction volume is 106 million US dollars, and the reported transaction volume is 2.9 billion US dollars;
EOS: The actual transaction volume is $121 million, and the reported transaction volume is $2.9 billion;
Bitcoin cash: The actual transaction volume is $146 million, and the reported transaction volume is $1.6 billion;
If these false trading volumes are cleared, who is the real winner? Bitcoin. After eliminating suspicious data, Bitcoin’s share of encrypted transactions has soared from 29% to 48%.
Why is an accurate Bitcoin transaction report important?
Yin Wu, the founder of OpenMarketCap, outlined in a blog why many exchanges use fake amounts of data to trick users.
“The exchange is encouraged to report false numbers to increase the price of the price tracking system (and therefore more prominent to users).
Yin Wu said in an interview with CCN that it is important for encrypted users to have a say in the data they trust and use. This is in full compliance with the basic philosophy of the encryption ecosystem.
In fact, there is always news about making false trading volume. Although there are various advantages and advantages in resisting false transactions, it is ultimately to regulate the market and promote the development of the entire encryption industry. In this regard, cryptocurrency exchanges still have a long way to go.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.
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