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p/openmarketcap
Spot outliers in crypto with confidence 🤑
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Yin Wu
How much are crypto volumes overstated? — Crypto data from only trusted exchanges
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OpenMarketCap is a new crypto tracker that calculates price and volume from only trusted exchanges based on research by Bitwise. Trading volume drops by 95% across tokens. With this drop, we show the market for most alts is extremely illiquid / non-existent.
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Yin Wu
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A recent analysis by Bitwise shows that > 95% of Bitcoin’s reported trading volume is fake (https://www.bitcointradevolume.com/). We built OpenMarketCap (https://openmarketcap.com) because we could not find an accurate source for cryptocurrency stats. OpenMarketCap calculates average price and total volume from data reported by the trusted exchanges identified in the Bitwise report. Out of the 80+ exchanges on CoinMarketCap (CMC), Bitwise found ten exchanges with actual volume. By tracking data from these exchanges, OMC removes data from exchanges with fake volume and is the only price tracker that gives an accurate impression of trading volume and prices. How fake volume is a problem in crypto: https://twitter.com/yinyinwu/sta...