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Author Topic: Incorect price on Coinmarketcap.com  (Read 296 times)
Aliensquare
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October 07, 2019, 07:34:19 PM
 #1

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...

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October 07, 2019, 08:03:49 PM
 #2

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.

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October 07, 2019, 08:04:50 PM
 #3

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...
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October 07, 2019, 08:18:39 PM
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 #4

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.

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October 07, 2019, 08:25:31 PM
 #5

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?
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October 07, 2019, 08:42:04 PM
 #6

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.

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.



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...

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.

 
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October 07, 2019, 08:43:15 PM
 #7

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,
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
Fake Trading Volume on Exchanges and Coinmarketcap

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October 07, 2019, 08:59:55 PM
 #8

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,
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
Fake Trading Volume on Exchanges and Coinmarketcap

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!
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October 07, 2019, 10:46:23 PM
 #9

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,
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
Fake Trading Volume on Exchanges and Coinmarketcap
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.

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October 08, 2019, 01:28:33 AM
 #10


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!
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.

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.
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.

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October 08, 2019, 01:34:36 AM
 #11

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:)

 
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October 08, 2019, 01:56:11 AM
 #12

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.

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October 08, 2019, 02:27:53 AM
 #13

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...



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??

 
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October 08, 2019, 02:56:42 AM
 #14

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

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,...

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October 08, 2019, 03:11:58 AM
 #15

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


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October 08, 2019, 03:20:04 AM
 #16

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.

 
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October 08, 2019, 03:20:15 AM
 #17

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...



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.

 
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ethereumhunter
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October 08, 2019, 03:27:23 AM
 #18

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.

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October 08, 2019, 05:42:50 AM
 #19

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.

Self hating nerd that want to escape from reality into the cyberpunk.
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October 08, 2019, 06:03:41 AM
 #20

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.

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