To be fair, I would expect the same if a well-respected regular-stock website changed its data and suddenly shifted its reported values.
Now, if the % change is more or less, I guess that indicates how many market participants have their own value estimates of each currency.
CoinMarketCap is in a tough position here.
I can obviously understand not wanting to list massive outliers in an average, but at the same time there isn't realistically a way for them to "safely" adjust which exchanges they include in the averages.
No matter what, it's either going to cause big sudden jumps in either direction, or they can "smear" it across some time, which (in my opinion) would look really bad as it would imply sustained increase or decrease.
Giving advance notice should be expected of them, but I honestly don't know if they gave one or not, and I don't really think that many people would have read it if they did.
I am deeply surprised by how few people are mentioning bots. This is no doubt directly related to trading bots that are polling coinmarketcap and then buying/selling through some API like the one bittrex offers. The number of bots that are actively trading is unknown, but if you do some digging the amount of resources and interest there is around trading bots leads me to believe that the pool of bots must be massive. I would love to be able to quantify the number of trading bots that are running wild, but my feeble brain can't come up with anything, maybe if I worked at an exchange I would be able to. Any thoughts?
Archived link: http://archive.is/l1kc7
Market cap isn't as interesting as people think: https://blog.sia.tech/want-to-deflate-the-token-bubble-fix-t...
Possibly intentional market manipulation? They are in the top 200 most visited sites in the world and supply api data to hundreds if not thousands of cryptocurrency price apps. Surely they knew their change would impact the market.
They removed data from the Korean exchanges which have always had higher prices due to Korean exchange controls - once you've changed money to bitcoin you've got it out of the country. That data should always not really have been included if you wanted a fair idea of value.
Does anyone know where CMC gets the circulation numbers?
But can I do Dollar Cost Average with BTC?
Admins, could you correct the headline to say “crypto currency website”?
Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction.
Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cryptocurrency-...
It's facetious (and bad 'journalism') to claim $100B vanished. It was never there to begin with: market cap isn't something you can cash in on. It's merely the result of price multiplied by supply. If you owned a significant portion of all the coins in the world, and tried to sell them all at once, you wouldn't end up with number_of_coins * price, it would (realistically) be a smaller number given the market slippage.
I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.