Analytical resources - where is the truth?
Binance and CoinMarketCap
In May, CoinMarketCap changed its exchange ranking system by adding a web traffic criterion. Binance immediately hit the top spot.
Yesterday, the analytical resource CoinMarketCap (CMC), which belongs to the Binance exchange, placed Binance Coin (BNB) at the top of the DeFi token rating. After criticism on social media, CoinMarketCap removed the token from the list without giving any reason. I learned about this from the Twitter posts of the creator of the Cryptonator1337 podcast, Yannick Ackle.
Apparently @CoinMarketCap has a #DeFi project ranking now.
— CR1337 (@cryptonator1337) July 23, 2020
Guess what is on #1?
Right, $BNB! What a coincidence. At this point, everybody has to realize how shameless #Binance is acting pic.twitter.com/GMFBcRRLhO
Binance said it does not have information about listing / delisting BNB in the DeFi section.
Comparison
I don't trust CoinMarketCap and decided to do a simple analysis using the example of Hive and Steem. For comparison with CoinMarketCap, I took 2 more popular resources:
Let's start in order and take a look at which place (CMC) is placing Hive and Steem at this moment.
What do we see? Steem with a capitalization of $ 78,494,986 is ranked 97th. Hive with a capitalization of $ 68,039,722 is ranked 105
Let's see Coingecko ...
Steem with a capitalization of $ 75,925,129 takes 106th place. Hive with a capitalization of $ 82,092,123 ranks 101st.
And Coinpaprika...
Steem with a capitalization of $ 78,283,062 ranks 101st. Hive with a capitalization of $ 68,181,188 is ranked 112.
While I was writing the post, the capitalization has changed slightly, but this does not change the essence of the problem.
Pictures on all three resources were taken at the same time, but look how much the amount of capitalization for Coingecko differs. CoinMarketCap and Coinpaprika have approximately the same coin capitalization, but there is too much difference in the ranking.
I do not want to draw conclusions, I want you to answer the questions: "Which service is more honest?" and "Can we trust centralized analytical resources?
I do not want to draw conclusions, I want you to answer the questions: "Which service is more honest?" and "Can we trust centralized analytical resources?
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