Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Topic started by: dkbit98 on June 21, 2024, 05:27:39 PM
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After many big exchanges removed Monero we should not consider price from CMC to be that accurate anymore since they are directly owned by Binance.
That is why @kawaiicrypto had to jump in with new website for tracking real Monero price with data coming from Haveno and Coingecko.
I would also like to see data used from Bisq and other sources like eXch in future.
Monero.boats is now showing that 1 XMR is worth 175.83, CMC in the same time is showing $162.91 and Coingecko is showing $163.07.
(https://i.ibb.co/jzDr5ML/imgf444eac70878ac756c7f84c6a9e43de0.jpg)
https://monero.boats/
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After many big exchanges removed Monero we should not consider price from CMC to be that accurate anymore since they are directly owned by Binance.
That is why @kawaiicrypto had to jump in with new website for tracking real Monero price with data coming from Haveno and Coingecko.
I would also like to see data used from Bisq and other sources like eXch in future.
Monero.boats is now showing that 1 XMR is worth 175.83, CMC in the same time is showing $162.91 and Coingecko is showing $163.07.
I have no problem using CMC to track XMR token price, and I also find it normal for the XMR price on CMC to be different from CGK. The reason may be due to the algorithm used by CMC and CGK to calculate the average price when accessing the API from exchanges.
To get a clear understanding of XMR price, investors should refer to the Markets section to see the real-time price of XMR on each CEX, and at the same time choose the CEX with the best liquidity to avoid excessive slippage. This is an experience I learned from a past mistake of using a CEX with very poor liquidity, so I had to sell my tokens at a price lower than the average market price.
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There are options in tracking down the prices of XMR, besides using the CMC and CGK platforms.I suggest the use of exchanges where XMR is listed to limit conflicting prices and volumes, though prices from different exchanges may differs due to a bigger trading volumes at certain periods. It is good to use, at least, two different exchanges to properly asertain the exact prices, volumes and marketcap, probably for market entry positions.
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The delisting of Monero from major exchanges and CoinMarketCap's ownership by Binance does kinda raise some level of concerns about data. It's great to see initiatives like Monero.boats stepping in to provide an alternative pricing source by I think aggregating data from Haveno and even Coingecko.
The significant price disparity between Monero.boats ($175.83) and CMC/Coingecko ($162.91/$163.07) highlights the need for decentralized data aggregation Incorporating additional sources like Bisq, eXch, and other decentralized exchanges can provide a more comprehensive and accurate representation of Monero's price. The thing is rates are usually different especially since many CEX don't use monero and privacy coins.
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Good initiative. A lot of Monero is being bought or sold on instant crypto exchanges. But they are not tracked through the price aggregators
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A lot of Monero is being bought or sold on instant crypto exchanges. But they are not tracked through the price aggregators
That is true, but I think it needs to be improved, maybe with adding few more exchanges as source data.
Centralized exchanges all have fake volume anyway for most of the coins listed there.
Monero has biggest volume on Bisq, Haveno, eXch and other exchanges that are not tracked by coingecko or coinmarketcap.
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A lot of Monero is being bought or sold on instant crypto exchanges. But they are not tracked through the price aggregators
That is true, but I think it needs to be improved, maybe with adding few more exchanges as source data.
Centralized exchanges all have fake volume anyway for most of the coins listed there.
Monero has biggest volume on Bisq, Haveno, eXch and other exchanges that are not tracked by coingecko or coinmarketcap.
That's also true. We should work on that, but nobody know how to do it. Instant crypto exchanges can't be tracked as well. I checked a lot of options, coz they don't have a trade in fact, it's just a swap. Lower volume - less people know about Monero
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That's also true. We should work on that, but nobody know how to do it. Instant crypto exchanges can't be tracked as well. I checked a lot of options, coz they don't have a trade in fact, it's just a swap. Lower volume - less people know about Monero
They can be partially monitored with aggregator services like OrangeFren.com, Trocador and similar services, but price can change a lot in short amount of time.
I think we need totally new website alternative for Goingecko/CoinMarketCap that focuses only on exchanges that are not listed there.
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I have no problem using CMC to track XMR token price, and I also find it normal for the XMR price on CMC to be different from CGK. The reason may be due to the algorithm used by CMC and CGK to calculate the average price when accessing the API from exchanges.
To get a clear understanding of XMR price, investors should refer to the Markets section to see the real-time price of XMR on each CEX, and at the same time choose the CEX with the best liquidity to avoid excessive slippage. This is an experience I learned from a past mistake of using a CEX with very poor liquidity, so I had to sell my tokens at a price lower than the average market price.
Using CoinMarketCap CMC and CoinGecko CGK to track Monero XMR prices is good idea. Prices may differ slightly due to different calculation methods. For accurate prices check Markets section which shows real time prices on various exchanges and choose one with high liquidity to avoid selling tokens at lower price. You can buy Monero on Binance, but not Coinbase. I think this is a good coin and can give you a good profit. Or I think if Bitcoin mining end so the miners will move to this coin may be.