Why Takeover by Binance May Influence CoinMarketCap
Login

Why Takeover by Binance May Influence CoinMarketCap

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
CoinMarketCap is among the first applications through which people engage as the cryptocurrency environment is being explored. Binance recently purchased the service provider, but as a consequence, the capacity to stay neutral is undermined. Bobby Ong, of CoinGecko, never really acknowledges that CoinMarketCap can be regarded as separate.

Will CoinMarketCap Be Influenced?
Allegations of data breaches have sometimes snagged CoinMarketCap on the wrong foot. However, while taking over the biggest retail crypto exchange, its transparency may be considered off.

Both firms are rejecting this theory, including Binance CEO Changpeng Zhao announcing that CoinMarketCap would keep functioning as a separate entity – not merged into Binance.

Yet CoinGecko’s CEO, Bobby Ong, doesn’t think it is possible. In quite a rare interview with Dex Blue, Ong gave his perspective as to what the purchase of CoinMarketCap implies for their role as a “free data aggregator”:

“Big amount is $400 million. This is one of the biggest crypto M&A so far and rivals the takeover of Poloniex. This explicitly underlines the tactical status of the aggregators of crypto data. I think it would be difficult for CoinMarketCap to maintain credibility and free after this takeover now that we are the largest free crypto data aggregator available in the market.

Cryptocurrency Data Reliability
Bloomberg, as well as Reuters, represents the global standard for institutional finance data. This data typically leads to retail sites, providing such valuable information for younger sites.

Only a bit of this complexity is reinvented in cryptocurrency. Every source of the data seems to have its statistical analysis. Services such as CoinMarketCap and CoinGecko have varying levels of stability.

Historically, CoinMarketCap was regarded as a fairly questionable data source and the Binance takeover supports that too often rhetoric.

CoinGecko, as well as Nomics, stay as one of a tiny community of separate companies providing simple applications in crypto for new users.

Nevertheless, the coverage of CoinMarketCap is far above all rivals. Moreover, independence on its own is impossible to hold them out. For the most part, Binance seemed true to its word, and ideally, CoinMarketCap stays at least free in terms of data aggregation. Any false data from CoinMarketCap can indeed be quickly picked up by other sites, despite the broad range of rivalry.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News