Why was almost every crypto down today on CoinMarketCap? Explanation here!
64 out of 100 of the Top 100 cryptos on CoinMarketCap showed a loss today, but there is an explanation for this.
If you have ever clicked on the Markets tab of any of the top cryptos out there, you have probably noticed that Bithumb and a couple of other Korean exchanges would show an extremely high price compared to all of the other major exchanges. This would artificially inflate the overall price of almost all of the major cryptos out there.
This would explain why Binance, Bittrex, or Poloniex would almost also show a lower price than what CoinMarketCap showed.
At some point today, CoinMarketCap decided to stop showing the prices from these Korean exchanges. If you now click on the Markets tab under a crypto like Bitcoin or Ethereum, you will see the Bithumb price but there is a asterisk beside it. If you scroll all the way to the bottom of the homepage of CoinMarketCap, you will see that the single asterisk means the price is being left out of the total average price of the coin.
I first noticed the Korean exchanges seeming like they were artificially inflating a price of a coin when Bitcoin Cash had it's first major bull run.
I am not sure if this was some kind of deliberate price manipulation or if the demand is just that much higher in South Korea, but I know that CoinMarketCap is no longer taking those prices into consideration while calculating the average price of a crypto.
That means that a lot of the coins that looked like they were down today were actually just missing the high South Korean exchange prices in the average.
Luckily there wasn't a massive panic sell when CoinMarketCap did this.
What do you think of the South Korean exchange prices and the fact the CoinMarketCap took them out of the pricing averages? Tell me in the comments!
To the moon,
We are looking to step into a decentralized world but we are so far away from it that a single centralized website can crash everything.
Hmmm
Usefull post keep it up
oh this is why that's the reason thanks for sharing bro
CMC should have told us before doing it . When i checked the rates on bittrex and binance , they were same .
interesting posts I like your posts. because your post can be an insight for me and users steemit .. post interesting .. thanks for you.
Or it could of been a dump day for pump and dumps :)
Coinmarketcap is showing a lot of statistics ...
Don't trust statistics besides the ones that you manipulated by yourself.
You can always make things look bigger, than they actually are ;)
slowly and steadily every thing will be come up
yes very informative post,...