CoinMarketBook launched in October, but its objective is a little different. Deliberately named to overshadow the 'go to' price index for crypto stats CoinMarketCap.
Developers on its main page say, "Market cap is a lie. Buy support tells a true story." and "Buy support separates investments from gambles". As the volatility of crypto changes drastically within short timeframes, industry pundits have said that market cap is unreliable when determining a coin's true value.
So what is buy support? CoinMarketBook's creators have explained it as being the sum of buy orders at 10% distance from highest bid price. Bitcoin, which is at number one, has a buy support rating i.e the amount of buy support relative to BTC (compares any coin buy support to BTC buy support) – of 100 percent.
Many influencers and fans have supported the concept and have asked followers to migrate to CoinmarketBook and abandon Coinmarketcap.
What are your thoughts on cmb? Let us know in the comments.