CoinMarketCap [CMC] not considering the XRPs in the engagement is a growing problem that is widely discussed. The cryptocurrency community is fought among people who believe CMC is right not to include deposited XRP and people who believe otherwise.
The overtaking of XRP Ethereum to become the second largest cryptocurrency was discussed in the cryptocurrency community for a long time as it was not just a momentary step in the rankings.
Ripple's chief marketing strategist, Cory Johnson, tweeted on an article in a popular news portal insinuating that market capitalization was incorrectly calculated.
The conflict of ideas stems from the fact that CMC is evaluating only the supply and the price circulating for the calculation of market capitalization and not those held as collateral. A part of the community is considering that CMC is right because, for the calculation of market capitalization, CMC uses the price and the circulating supply and does not consider the tokens / assets held in deposits.
The other half of the community claims that with this definition we must also reduce the capitalization of Bitcoin because Craig Wright holds 1.1 million BTC in a commitment called "Tulip-Trust" to be released in 2020.
The Yahoo finance website is in agreement with the second half of the community and also considers the XRP filed.
As in the case of CMC, XRP's market capitalization at the time of this announcement was $ 14.57 billion and that reported by Yahoo Finance market capitalization is $ 36.17 billion, while the price of XRP is stayed at $ 0.3616.
Leading members of the XRP community such as Tiffany Hayden and Dr. T are opposed to the CMC version of the market capitalization for XRP.
A Twitter user LaHoyaJolla commented:
"1/2 Keep saying, but your methodology is wrong and should be changed to:
A) It represents all the projects better
B) adhere to already standardized methods to determine market capitalization rather than arbitrarily creating a methodology that goes beyond the norm
2/2 The supply of BTC currently includes all non-recoverable balances of BTC and large holders.
How does it feel to constantly lose these ideological battles? I hope it is more exhausting than it is constantly fighting them. "
In addition, some community members also pointed out that CMC has excluded data from the Korean stock exchanges for market capitalization calculations on January 8, 2018 without any prior notice.
CMC, at some point partially in agreement with the community, asked a Ripple official to make a request to update the market capitalization.
David Schwartz, CTO of Ripple commented on the question:
"I do not really have strong feelings, it's hard to understand how to be correct in all these different cases, but it's strange that XRP ends up being penalized in many ways for its transparency with people who take the best can imagine what they do not know ".
One user, David Corner tweeted:
Cory Johnson would not agree with you. In fact, perhaps the SEC should look to CoinMarketCap for the manipulation of the market as it clearly has a bias towards, however it no longer uses the coin cap from a market as it does not give you the true facts "
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