Bitcoin Forum

Has anyone seen this?

On coinmarketcap, historical value of bitcoin on 6th of Oct 2019 is 7,988.16 for Close.

Closing price for same date (checked on tradingview on multiple exchanges, and Bitstamp directly) was 7860 usd.

That's almost 2% increase for coinmarketcap. Wonder if they purposely screwing people...

Really ? I was checking the cryptocurrencies from there all the time. If they are really faking prices, something should be done about it. There were some news about coinmarketcap faking volumes. If that is true, I think this is correct too.

I didn't look in detail at what you say, but you have to know that a price is specific to an exchange, right? It depends on bid and ask. There may be price differences from one exchange to another and playing on this is called arbitrage. But quickly prices still end up converging towards each other, if liquidity is present...

CMC takes into account several prices from different exchanges and then gets an average price so you shouldn't expect the btc price on this site to 100% match with other exchanges. With that in mind, perhaps yesterday one of the exchanges glitched or something else happened which made CMC show a higher price (?).

To be honest, CMC has been accused of manipulating prices and display fake volume several times so i wouldn't be surprised if they messed with something yesterday.

I had read about it, was it true at the end? I don't really see the kind of manipulation that can be done by changing prices on CMC, as long as the real price is the one displayed on the exchange, where the trading is done... Wasn't it just the misunderstanding of some in the functioning of an exchange?

Totally not manipulation at all but misleading in my own view as I noticed back then a certain coin hits an impressive high gain performance but when you look at the exchange itself where that coin was primarily traded, there were only identical orders of it that's why CMC recorded the average price.

If a trader really cares for their coins, they will not use CMC as price basis.

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Exchanges have different rates. Coinmarketcap takes the average IIRC.

Don't rely on CMC about coins price. Head to exchange instead where that specific coin is listed.

Yes, there were reports before on how they manipulated the price few times and how buggy they were. CMC isn't really a viable source of price but if you have been used to it, don't rely on their stats and always check other sources for volumes too.

CoinMarketCap’s Fake Data Problem; Facebook’s Libra Scams (https://www.forbes.com/sites/cryptoconfidential/2019/07/27/coinmarketcaps-fake-data-problem-facebooks-libra-scams/#5d242ba61e9e)
Fake Trading Volume on Exchanges and Coinmarketcap (https://blogs.airdropalert.com/fake-trading-volume-crypto-exchanges/)

Thank you very much for your answer and for your links. Such news does not necessarily do much good for crypto.... Anyway, I never go on it except to see the total capitalization of the market or to take a quick look at the general trend. The rest of the time, I have my favorites and alarms on TV!

It has to understand that CMC price is totally a freak and misleading info.
Anyway, I'm not very considerate with the price at CMC cause I actually visited into a certain my favorite exchange, only I used CMC just to know what exchanges who offer a trades with some of my altcoins and not the price itself. It is something to think that bugs really affecting into CMC and this problem may cause troubles and doubts especially to newcomers which particularly never know exactly about how it works.

I think they are aware of that and they're upgrading somehow since they are the most popular price tracking and crypto market cap site in the world.

Same use to me these days. I do check a certain coin on where it's listed and the coins that are supported by a specific exchange. Apparently, many are aware of that side of CMC but many beginners that do lean on their info.

Well CMC is well known for producing inaccurate market data and are often criticized for this but THB we cannot blame them alone for producing such erroneous data that can influence the perception of other people towards cryptocurrency markets. If I'm not mistaken, I believe we should illustrate a simple walk through to find out whose to blame for all of this inaccuracies as listed below:

1. Shit people doing pump & dump especially on a shitcoin
2. Exchanges faking trade volumes and spreads to attract attention thus could lead to volatility and fake price.
3. CMC fetch data to these exchanges who have fake volumes which is mostly generated by fake people with a shitcoin,

So all the data starting from exchanges are very inaccurate! Reminds me of GIGO in computer parlance which means "garbage in, garbage out"!. I guess we just don't just rely on these market tracking sites and instead we do our own research:)

There is no official page that gives perfect data on the market. Coinmarketcap does the work taking average from different exchanges that are available for the trading and other transaction needs.

There might be difference of 2% or even higher, and for this will that value from bitstamp be the official value. No it is not, the market is unregulated. We can have references over each other and not the perfect data.

I realized the same thing and I thought whether I had a problem with my internet connection since the price was still in $7920 for a while.  What actually caused that ? and what do you think might be the reason for that??

that is not incorrect and it is not manipulation either.
it simply is an average price that a couple of hundred exchanges report. so it will always have a certain percentage difference from any exchange that you look at. higher than some and lower than others. next time when you visited CMC check out the "Markets" tab and see how many values they are using to get to that average.

for example the current price in BTC/USD markets listed on CMC are in the range from $8,599.84 down to $8,201.80 so the average reported price in this site is $8,309.94 while Bitstamp price is $8,292 Bitfinex is $8,311 Kraken is $8,288,...

1. cmc is not an exchange. its not manipulating the price. it is just showing an average price indicator of exchanges it prefers. many different indicator averaging sites have different prices.

2. cmc should not be used for anything real hard truth statistical. take capitalisation itself, there are not hundreds of billions of real dollars backing bitcoins market cap. bitcoins market cap is just the math of one trade price multiplied by coins. i can make a altcoin of 5trillion coins, sell 1 for $1. and yep only costing someone $1 of real dollars can make a market cap of $5trill appear instantly.

3. to explain point one easily because some seem to not get the basics
if there were 4 exchanges a.$8000 b.$7900 c.$8100 d.$8150
if one average indicator chose years ago to average a,b,c,d it would indicate an average of $8037
if one average indicator chose years ago to average a,b,c it would indicate an average of $8000
if one average indicator chose years ago to average a,c,d it would indicate an average of $8083
if one average indicator chose years ago to average a,b it would indicate an average of $7950
if one average indicator chose years ago to average c,d it would indicate an average of $8125

none are the same and there is a clear disparity of $175.. and the reason. because they are just indicators. not suppose to be hard finite detailed facts
if your still going to be using cmc for hard factual stats or believe their numbers of price and market cap have significance. them maybe you need further training on how to understand financial data

coinmarketcap is just displaying the average prices from all exchanges, they don't just get the price from one exchange. they are pulling these prices from all sources and then calculate average. you have to go to https://coinmarketcap.com/currencies/bitcoin/ and see its price in every exchange. arbitrage is possible.

I haven't seen this price discrepancy but maybe they have their own basis on their price and maybe Bitstamp is basing on their trading volume and coinmarketcap is basing on overall trading volume.

I am not that sure though but I guess this is the case as coinmarketcap has been there for a long time that provides the utmost information about a certain coins/altcoins.

I don't know because I don't check on their site for that day. I think they were doing maintenance or upgrading their website because I think they don't give any update news on their site. I think that only happened on that day only because today, I see that the price has already changed to the right price. But we don't know the truth of that, and I don't think that is too serious to think because we have the exchanges which giving the real price of bitcoin.

The site are full of ads and hidden scripts to drain bandwidth, we should avoid using site as hideous as cmc, also nearly all the prices/vol listed for each crypto are fake anyway, nobody should take it seriously.

Why are people still talking about coinmarketcap info. It is inaccurate, we have all known that for a long time. But it's close enough. If you're a trader and price is so important to you, and you're relying on CMC, then you're an idiot.

And if you're not a trader and you're just selling or buying on a platform, then CMC doesn't even matter to you.

So they are manipulating bitcoin prices? :P

Coinmarketcap is using the average value for showing prices and it maybe differ from the other sources.

Intentional price difference will be shown to altcoins with huge difference to bump or dump that coin.

I don't think there would be a point faking volumes/prices for coinmarketcap really, there are no ways to buy BTC or sell BTC on their sites, it's more like a catalog of exchanges and prices, not a service provider.

Anyway, I'm assuming it's likely due to them getting prices off other exchanges, or just not updating the prices in an hour or 2 (BTC prices are so volatile, they could have changed by like 2 percent since the last hour).

Anyway, I'm assuming it's a small issue and it'll probably get fixed in a couple hours.

Exchanges execute Orders/Prices on their own platforms, they are not in sync with other exchanges. It's the reason arbitrage trading exists , means buying cheaper on one exchange because it's there is profit to sell on a other exchange. Every exchange is used by different people. it has different volumes, buy and sell orders, and different hours with the highest volumes. CoinMarketCap and other cap sites only report on them, and usually report averages. The only "real" prices are on exchanges simply by supply and demand. Basically never trust coinmarketcap for accurate price action, especially for Shitcoins.

There are always discrepancies with coinmarketcap.com's data. This is not the first time, nor will this be the last one. If you are certain that it is not due to its data being average prices among all CMC listed exchanges, there's definitely something wrong with it. Anyway, there's no big deal to this really. For sure, you will not base your trading on the prices on coinmarketcap. Better use your preferred trading exchange when checking the actual traded price.

Just saw this post, I guess I am incorrect then. I'm still a bit confused about why a platform such as Coinmarketcap (which isn't even an exchange themselves) would advertise false prices on certain coins?

The articles are about the faked volume on exchanges that are listed on Coinmarketcap, which isn't really their problem (Coinmarketcap is here to provide you with a list of stuff), and if the exchanges are reporting that volume to CMC, what can they do about it?

It'll be a problem if they accepted payments in order to fake volume.

we shouldn't always rely on the CMC or coinmarketcap. If you are a trader, you should better compare prices of a certain cryptocurrency on different exchanges. Not really saying that the CMC is misleading, but sometimes we couldn't avoid having issues with the systems. Most of the time, CMC is providing helpful volumes. And I don't have any idea why they need to manipulate volumes as they don't have their own exchange.

We already know that data in CMC is not guaranteed to be reliable and maybe because they are just the receiving end of those feed to them from  the exchanges and it is not their job to do an investigation before showing those data to the public. If one is a trader then the best thing to do is to go the exchanges and see the real data and use them instead. There are times when discrepancies can happen but 2% difference can be nothing and can easily be rectified by the viewer himself. Me, I am just using CMC as a guide to know if my favorite coins are pumping or dumping and usually prefer to see the exact price in the exchanges where I am doing business. I am also aware that CMC has been accused of manipulations by some and that can be another reason why we should not rely on everything it is dishing out.

CMC isn't accurate at all when it comes to bitcoins price, they intently changing the price to trick lazy people who don't regularly check prices on each big exchange. CMC has alot of issues of price manipulation soo I can recommend you to not base on this website if you're looking for bitcoins price.

Totally agree. With how much accusations CMC has received, seeing one or two reports that say they manipulate the prices isn't really annew thing anymore.

OP should probably check other exchanges instead of CMC. Seeing that a lot of accusations were already made about it, continously using the same site would just make the data you receive less trustworthy so might as well use another exchange to view the prices. Besides, bitcoin price doesn't necessarily showbthe same prices across exchanges. There would naturally be some discrepancies that could be found.

i dont think they can manipulate price of exchange  Lol. coinmarketcap is use only to see price of each coins there must be a difference in price of each exchange, OP should check where  exchange cmc get that price info in that time.

The reason because they are the most visited crypto market cap rankings website that's why there's an advantage for them to do that. We don't know on why they do that.

This is more on the technical side.

As I've mentioned, we don't know.

I wonder why CoinMarketCap does that. They have so many users and popular among people. It is interesting to see that CoinMarketCap gives false information, despite being used actively every day.

In the past CMC has been accused of price manipulation but here is something different.People uses CMC to check the prices but once they enter into the exchange they don't check price as much since they checked earlier on trusted site like coinmarket cap which was the reason why they used to manipulate the prices.

Coinmarketcap is the first thing which I check one I wake up as it's a trustable source for years but display of false information  is the least expected thing and no one would have even imagined this in their dreams.  It's really disappointing to see a most trusted site misguided it's users.

Thanks for all your comments.

To bring more food for thought, attached are 2 printscreens:

- one showing the price from CMC, meaning 7988.16 (price at close on Oct 6)
- one showing Tradingview price of 7860, the close of Oct 6

Anyone can make same check I shared.
 
Their incorrect prices affect a very high number of viewers: the ones who are checking the price live, and also ones that are checking the historical data they provide.

Yesterday was almost 2% difference, tomorrow may be 5%. I don't accuse them to be intentional, but they're providing false information, and that must be fixed. Please raise more awareness.

https://ibb.co/Jz0WVFW
https://ibb.co/6YsK02s

Sorry but I can't see your attachment, please double check it.
With regards to the difference, I think it really varies on their reference, personally, I am not relying too much with coinmarketcap if I like to get the most accurate data as I have noticed in our factors like trading volume which is not exact compared to the actual volume in a certain site.

If we like to be fully updated, let's just look at the price to the exchange to where we are trading.

coinmarketcap.com is a terrible site mainly because of the way they are ranking coins (based on market cap) and have other misleading rankings such as "dominance" but all the data they provide is accurate. whether some people don't understand it is their own fault.

did you even read any of the replies?!

You have to notice that  CMC is not an exchange  but they  have integrate their system  with allot of exchanges and traders always predictor the price. so the fact CMC is showing 7890.00 btc does not mean traders in your exchange want are buying at  that  price.  you can search  on  CMC to see exact exchange buying at  that price.. 

You you can check out here https://coinmarketcap.com/currencies/bitcoin/#markets

I think this is pretty scummy and there's a possible incentive for this. Does anyone else see a buy and sell crypto button underneath their favorite crypto-currencies pages? It looks to be sponsered by Gemini right now


Could this be a pretty small attempt to try to manipulate prices of BTC so their sponsers are able to maximise their profit margins and in turn coinmarketcap gets a higher fee?

Could be interesting.

You can say that coinmarketcap has incorect prices but also they are behind with the price like 1 hour and also if on some exchanges the prices dropeed in 7800~$ that doesn't mean cmc will auto-update that prices recording to that exchange as their pairs is general and not only on 1 exchange so don't blame them.

Whenever you want to check the price of bitcoin just click on the price and check every exchange in order too see when it sells lower and go there if you want to trade on risky exchanges. For sure they have some shady prices on some coins and sometimes they list coins that should not be listed but its their policy, if we don't like it we don't use it. Coingecko has similar option,  I check it from time to time too when cmc don't provides the info I do need.

Sorry I did not pay attention to that detail, maybe when I checked there was trouble in the Coinmarketcap system. Or it could be because of
the poor internet connection, it could be a factor in updating the price too late, not too judge the coinmarketcap. The coinmarketcap site
is a credible site that is widely recommended for see prices and volumes of all cryptocurrency. So I'm sure they won't deliberately display
prices which is invalid, it will damage their reputation. Prejudiced well, I'm sure there is an element of accident. Or it could be like members
in this forum say the price is different because coinmarketcap is the average price of all exchanges. That's a reasonable reason i think,
oke i will check again for the next few days.

The difference on prices will always occur if you will compare it to coinmarketcap. This CMC is not a single exchanger
It gathers all the prices from different exchange platform and total it then do the average. that is why you will end up seeing it in different.
Just compare BITTREX and BINANCE and you will not ending in a same price amount.

I compared CoinMarketCap with e.g. CoinGecko today. I saw that there is not much difference about cryptocurrency prices. If that information is true, then I wonder whether they fake the prices just on some days or not.

I didn’t checked the price history but it's can be happen and this isn’t new thing in coinmarketcap because almost all of the exchanges volume incorrect instead of https://www.coingecko.com/en now i didn’t following the cmc price. coingecko recently trust score for the all exchanges i really appreciate this innovation. Even CMC promoting many scam ico projects in ther homepage.   

Sometimes, prices in Coinmarketcap tends to change, so it us not always 100 percent accurate.
Many people have accused them in several cases of manipulating the prices of coins there, not sure if it is true anyway.
Best thing is to check the prices on different websites of same content. They might be different price but the difference won't be much.

Bid & ask values change quickly, the system may fail to calculate, or they may also place a different standard rate on the exchange site. It's been a few days this thread has passed, so I don't know for sure and I think it's just a different calculation at the exchange rates, the difference isn't too far, I don't think this is a big deal.

Coinmarket cap give information about bitcoin depend on which one exchange market, many exchange have little price of bitcoin about 1% until 2% for every exchange market, is not incorrect information giving by coinmarket cap but how price for every exchange bitcoin, you can check by your self look how much price bitcoin in your local exchange market and look at other exchange market like bittrex, binance and huobi.

Lately I've been following CoinGecko and trusting their information

the price that can be placed from cmc does not mean the actual price, friend.
the actual price that is on the exchange where you buy and sell.
Don't be too negative about CMC and lower your blood pressure.
cmc is only a service provider for getting information and making it easier for you to trade.

Though Coinmarketcap has several manipulating negative reviews but I don't think it's CMC's fault. Because Coinmarketcap is just a tool to show the coin value and volume. In every different exchange, you may see different prices for Bitcoin. So, it's mean on that day some exchange bid or asking price for 1 Bitcoin was 7900+ USD!  This is not manipulation at all. Recently I wanted to trade my ICNQ coin because it was showing 50% increased! But when I checked the exchange, only one buy order was at a high price.

It's kinda confusing for newcomers, I've been fooled by this a few times before. Websites like CMC show the average price actually, and that isn't accurate. Low volume exchanges can easily show a technically wrong price of Bitcoin, if we compare it to other exchanges. If there are no orders on an exchange and somebody buys my BTC for $20k, the price per BTC will show as $20k on the exchange. If it's listed on CMC, it will affect the average price too. This could be prevented though through coding..

This website is just showing the summary coming from exchanges listed in the site.
It's the exchanges that are manipulating the price and if there's an error on exchanges the overall result of the price may become in accurate.

Remember that coinmarket listed a lot of trading site and they are using protocol IMO to get the best average results from the total exchanges and we know that there are exchanges who are not telling the right price and there are exchanges with very low volume that could display a big jump of price due to pump and dump scheme.

Seems coinmarketcap is calculating the average price of Bitcoin on multiple cryptocurrency exchanges... This is probably how the website calculates the price.
Another possible cause for the mistake could be site glitch. Unfortunately, the problem has occur too many times to be considered that.

There are times that CMC or coinmarketcap can't be considered as standard basis of the price of bitcoin. Maybe they're trying to average the value from different exchanges and it didn't result in your expected price.

Actually, our local wallet also has an exchange that gives an inaccurate price of bitcoin, it's kinda unfair but can't argue with that since it's a local wallet only.

CMC is not accurate. They just collect data, put an algorithm, then show the data.

I noticed a lot of differences in prices of many coins on CMC. They just use api and that have flaws, but they don't care.

Yes, it is not much accurate so I don't rely on it too much, I also check other like Coingecko for comparison analysis.

And let's not just rely on them too, checking in CMC is just one way factor,but having it in top 100 doesn't guarantee that they are worth investing, there are other tokens out there that are worth investing but not yet updated in Circulating Supply.

Not incorrect price in Coinmarketcap.com I think because they have added all of bitcoin price with many exchange market, all of exchange market have not the same price and Coinmarketcap.com use on exchange market have higher price and look price different with your market looking for of bitcoin, Coinmarketcap.com price maybe depend on exchange A and you check bitcoin price on exchange B.

It is not good to tell that coinmarket,cap is faking volumes when we do not know what really happened. Let us first check how coinmarket.cap works and how do they place the volumes and get reflected on their websites. I do think that what happened have actually occurred since CMC is not just picking up volumes on one exchange but to all exchanges. Also there are many factors that this website is considering before putting up figures on their site.

For me coinmarketcap is very legit about all the prices of cryptos and i dont really believe that it is giving incorrect price, maybe when you visit the price of btc on coinmarketcap it is not yet updated compare on other all exchanges.

This is not how it's work. Coinmarketcap have a much more complex algorithm while calculating the price. Speaking in simple terms they calculate a weighted average price of the currency after assessing it's price and volume over various exchanges. It assigns weights to every exchange price based on it's volume and then divide it by total volume thus finding out the average price. However it often decides to leave out some prominent exchange due to inorganic and extraordinary large volume. For example it does not takes in consideration the price of Bitmex while arriving on the final price. Moreover as this volume changes from time to time so does their calculation algorithm which means that when volume on some exchange goes high even than Binance or Huobi the price of that exchange becomes more prominent.

I think everyone already knows that CMC has incorect prices but you are wrong if you calculate as you say. IMO, it's actually quite easy to understand why CMC displays incorect prices. CMC calculates the total volume of several exchanges registered in CMC which in fact when displaying the current price volume, CMC and some exchanges have a gap of several minutes (as far as I know about 4-5 minutes) when displayed on CMC. I personally think maybe because of this the CMC always displays incorect prices

To whom it may concern,

Coinmarketcap - https://coinmarketcap.com/currencies/gapcoin/ - stopped tracking Gapcoin <> BTC when we were de-listed from defunct exchanges.

I've contacted them for full relisting and to link our new exchanges, but they require a $1000 avg. daily trading volume, which is fairly hard to achieve when your stuck in this chicken and egg altcoin limbo situation i.e. no exchange listing = no volume etc.,


::)

Posting here as the main CoinMarketCap thread is 'locked' ...

CoinMarketCap.com - Market Cap Rankings of All Cryptocurrencies!
- https://bitcointalk.org/index.php?topic=199685.0

Well to be honest most of the price of cryptocurrecies not exact in coinmarketcap. That's why coingecko is there to crosscheck price. And i am also worrying about the Total supply and total marketcap of some cryptocurrency in coinmaretcap. The ROI of some cryptocurrencies also not exact. People usually invest for the long time by checking the ROI of that perticular cryptocurrency in coinmarketcap. And unfortunately  the ROI facility is not there in coingeko to check the ROI.