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Researcher Alleges That 99% Of Ethereum, Litecoin, EOS Volume is Likely Fake
Summary: A new report from Researcher Koji Higashi is casting doubt on the validity of Bitcoin’s biggest rivals’ trade data. Higashi accused exchanges of faking 99 percent of their Ethereum, Litecoin, and EOS trade volumes. the Japan-based cryptocurrency analyst noted that the degree to which volume is faked seemed to be more severe in altcoins than ...
A new report from Researcher Koji Higashi is casting doubt on the validity of Bitcoin’s biggest rivals’ trade data.
Higashi accused exchanges of faking 99 percent of their Ethereum, Litecoin, and EOS trade volumes. the Japan-based cryptocurrency analyst noted that the degree to which volume is faked seemed to be more severe in altcoins than Bitcoin.
The claims come from a broad analysis focusing on bitcoin’s real trade data. Mr. Higashi confessed that he was concentrating on the benchmark cryptocurrency’s volume against fiat currencies as well as top altcoins. He utilized CoinGecko, a portal that analyzes exchanges’ data for their legitimacy, to filter out fake volumes from legitimate ones.
According to Mr. Higashi, traders were possibly taking cues from the altcoins’ trade volumes before opening their bullish positions. Volume is considered one of the major breakout indicators.
“In other words, tracking reported trading volumes might give you a wrong impression and can inflate expectations for altcoins,” Higashi stated.
By Ramsey Baker
Tags: 99%,Altcoins,Bitcoin,EOS,Ethereum,faked,Koji Higashi,Litecoin,Volume
Link: Researcher Alleges That 99% Of Ethereum, Litecoin, EOS Volume is Likely Fake [Copy]
