Ruibo's forward valuation may be affected by fraudulent transactions
In the field of cryptocurrency trading, trading volume inflation, price manipulation and other similar things are not uncommon.
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Many exchanges allow for the existence of false trades, so it is only important to determine the true strength of each cryptocurrency by eliminating the false trade volume.
The amount of XRP transactions on CoinMarketCap is quite different from that of OpenMarketCap.
Although CoinMarketCap simply calculates the volume of transactions in all areas of the industry, OpenMarketCap excludes all false transactions considered by the site when calculating the volume of the exchange. For example, in the case of RPC (XRP) volume on two websites, OpenMarketCap's XRP transaction volume is $81.7 million, while CoinMarketCapital's XRP transaction volume is about $1.2 billion per day.
If OpenMarketCap's data is accurate, this means that 93% of the total XRP transaction volume on CoinMarketCapital is false.
Why are you reporting the volume?
Of course, not only XRP forged the volume of transactions.
After comparing the volume of CoinMarketCapital and OpenMarketCap, it was found that there were false transactions in mainstream cryptocurrencies such as Litecoin, EOS, BCH and BTC.
In fact, if the BTC's false trading volume is removed, the bitcoin market share is only 71%. Since the market value of Bitcoin accounts for more than 50% of the market value of the entire cryptocurrency, even if only 29% of the market value is forged, its impact on the entire cryptocurrency market is considerable.
The founder of OpenMarketCap once said that the accuracy of the volume data of cryptocurrency exchanges is very important.
He once said in a blog post, "Many exchanges have been reporting false data, and the industry has a very negative impact. Why do they still have to do this?" He stated in this blog, "The exchange misrepresented false trading volume. The purpose is to increase rankings and get more exposure, which is more attractive to users."
How will the price of XRP be affected?
When ranking cryptocurrencies, it is necessary to consider factors such as the transaction volume and market value of the cryptocurrency.
These factors have a big impact on which cryptocurrency the investor ultimately decides to invest in. In the case of XRP, if 93% of XRP transactions are manipulated, this means that XRP is not as many users as we think. This can also be a reasonable explanation for the recent XRP price.
Of course, the study may also lead users to panic selling XRP, which led to a sharp drop in XRP prices. However, this has not happened at the moment. (31QU)