Crypto Tracking Sites Might Be Wrong About XRP
One of the biggest websites crypto enthusiasts use to look at the prices of their favourite coins and tokens is CoinMarketCap. The website is trusted to deliver the right information regarding the crypto market to let traders know where their investments are at the current time.
There has been a long-winded debate on the supply of Ripple’s XRP and it now looks like some of the big cryptocurrency market tracking sites are in dispute over the circulating supply of the second biggest cryptocurrency in the world.
Earlier in the week, Forbes made noise on Twitter when they announced they had updated the current circulating supply of XRP to equal the max supply of 99,991,780,039 which would result in Ripple’s token having a market cap of $33.6 billion. You can see the tweet below:
@Ripple We have updated the circulating supply for #XRP on https://t.co/bvxSlP8wMo
— Forbes CryptoMarkets (@ForbesCryptoMkt) December 4, 2018
Many enthusiasts responded to the tweets with memes and digs at CoinMarketCap for the ‘mis-information’ of the circulating supply of XRP. Many directly addressed the website saying that they would be deleting their app following the news from Forbes.
However, it didn’t take long for CoinMarketCap to quickly respond to the situation by saying:
The circulating supply data we are reporting for XRP is directly from the Ripple network stats. The “distributed” portion of the XRP supply is what is currently in circulation. The “undistributed” portion of XRP is not circulating as indicated by Ripple. https://t.co/jTcjaQg7gX
— CoinMarketCap (@CoinMarketCap) December 4, 2018
In the end, this dispute between the two fans shows the difference between a digital currency market cap based on the circulating supply and its diluted market cap based on the potential total supply. There are some who would argue that a diluted market cap of a stock or cryptocurrency provides a reality check in forcing investors to examine the asset’s real value.
What are your thoughts? Let us know down below!
Originally posted on: https://cryptodaily.co.uk/2018/12/crypto-tracking-sites-might-be-wrong-xrp