Tether (USDT), 30 Ethereum-based Tokens Uniformly Top CoinMarketCap Token List

Digital currencies on the Ethereum blockchain platform are performing impressively well in terms of market capitalization. As the market continues to rebound from the recent crash, about 30 Ethereum-based tokens are uniformly topping the market ranking provided by the leading crypto data provider, CoinMarketCap.

According to data on CMC, stablecoin Tether (USDT) is ranked number one with a market cap of $6,375,147,033, but the credit was given to the Omni version of the USDT instead of Ethereum’s. 

Following the stablecoin is $Link, the native token of Chainlink, with a total market cap of $1,284,873,628. Apart from the iFinex token, UNUS SED LEO, which had a capitalization of above $1,032,728,857, other tokens starting from the Huobi Token (HT) to Holo (HOT), the 33 tokens on the list, had a market capitalization below the $1 billion mark.

Discrepancy of data

In a tweet today, Justin Drake, an Ethereum 2.0 researcher, pointed out what seems to be an inconsistency of information by the Binance-acquired cryptocurrency data platform. Per the market ranking, CMC showed that the Omni version of Tether topped with over $6.3 billion.

However, according to data on Omni blockchain explorer, omniexplorer.info, only 1.5 billion USDT tokens are issued on Omni. On the other hand, data on Etherscan reveals that the Ethereum blockchain holds a total supply of $5.1 billion USDT.

Drake further stated that this shows how increasingly outdated and misleading the data on CMC are becoming. Commenting on Drake’s tweet, many crypto traders said that the continuous disparity of CoinMarketCcap data to other data reported in the industry would eventually result in loss of credibility for CMC.

CoinMarketCap acquisition

Binance officially announced on April 2 that it has acquired the industry-leading data provider, CoinMarketCap which first started as a rumor. The acquisition was considered a milestone, as it involved two prominent industry players. 

CoinMarketCap aligns with Binance’s ethics and culture, according to Changpeng Zhao. Being owned by Binance, CMC is expected to hold significant improvement on the side of cryptocurrency data tracking, to ensure more accuracy in cryptocurrency data provision.