In a wake of Bitcoin’s rally towards the $5k figure, some little-known cryptocurrency exchanges are showing the highest volume on the graph of Coinmarketcap today. As such, these exchanges sided down the most famous cryptocurrency, Binance. Following Binance’s volume on 8th position and other exchanges on top, CEO CZ mocks by adding ‘Credulity is important’.
Canadian Changpeng Zhao or CZ often presents the most transparent view on aspects revolved around cryptocurrency, regulations, blockchain and unlike. Nevertheless, looking at the disturbed market performance on coinmarketcap that puts Binance on 7th position (at press time) with a market cap $1,034,736,826, CZ says ‘This is getting a little out of hand’. He took to Twitter and states that;
Following the first post in which he highlighted ‘Credibility’ as the essential aspect, CZ posted yet another tweet that says ‘these exchanges are actually hurting themselves’.
it’s a “secret” that I didn’t want to share with them before, lol… But for the health of the industry, we need to let them know they are actually hurting themselves.
As per coingape’s research, the top exchanges that hold the highest volume (OOOBTC, HitBTC, and DigiFinex) shows the major trading towards Litecoin and Ethereum pairing with Bitcoin. To note, OOOBTC which holds the top ranking is up with 500% over the past 24 hours and the volume graph is strictly moving up within a period of 7 days.
Nonetheless, it’s worth to add Bitwise’s report on Coinmaketcap that says except few famous crypto exchanges, CMC contains a number of unregulated exchanges that apparently portraying major trading volume to manipulate the market sentiment.
Although, CMC is on its way to increase the metrics of ranking, it is still unclear when and how – stay tuned with Coinpage for more details.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com