The actual size of the Cryptocurrency market is deemed to be as little as the five percent of its officially reported total. The Coinmarketcap CMC) which is the leading market data website has been accused of the unquestioned publishing crypto exchange figures, in spite of the compelling evidence of the trading venue manipulation that includes a bunch of the Asian platforms. Now, the market data websites have pulled up their socks on the exchanges to provide accurate figures.
Coinmarketcap due to its dominance over the other Cryptocurrency markets have incentivized the exchanges to inflate their reported trading volume in order to game the ratings system. The fake volumes are causing repetitive problems. A fiat-based Cryptocurrency exchange, Coinsbit that has been listed on the market data websites that includes Coinmarketcap explained that it was incumbent upon each exchange to act ethically and to refrain from such practices that might artificially inflate the volume.
Some of the Coinmarketcap alternatives are all set to provide a different take on the Cryptocurrency markets. The Messari’s Onchainfx is the market leader for the trading volume in true sense and provide more accurate figures pertaining to the circulating supply of the crypto assets. The Openmarketcap is a Cryptocurrency data tracker that uses the prices and the trading volumes from the most trusted exchanges for calculating the total volume and the average prices. Coinpaprika offers a clear data on the trading volumes along with information on price differences between the exchanges. Blackmodo provides information on the social chatter encircling the Cryptocurrency projects and the way this may feed into the market prices. The Coinratecap bears some of the amazing feature like the Cryptocurrency price converter and links to almost 100 exchanges. Coingecko lists the crypto assets once they are tradable that makes it ahead of the others.