Only about a month or two ago - the "Top 20" coins ranked in Coin Market Capitalization played a large role in the way invest traded, organized their portfolios, and decided which coins to stay away from.
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Since the recent onset of extremely large funded ICO's - there has been a major paradigm shift in the way investors used to utilize the coin market cap rankings for their trading.
I know of many traders who will openly state - If a coin is ranked in the "Top 20 or 30" coins - they are too weary of Pump and Dump schemes effecting prices, too weary that the coin is a project never going to amount to anything at all.
I myself had been very guilty of this mentality. However since early July with the ICO release of TEXOS, IOTA, QUANTUM, OMISEGO, PAY, and plenty of others - we have seen coins jump from #45 to #13 as with the case of OMG, and QTUM from #37 to #11.
Dont get me wrong - I am very bullish on both of these coins and am pleased to see them doing well in terms of value and ROI. However, I believe a change is needed to appropriately rank the coins based on a multitude of factors.
Hopefully an algorithm that uses - Price, Amount of Coins, Trading Volume, Community Support, and Length of time on a market - can be configured by one of our brilliant Steemit techies.
Watching NEO (Antshares) previously ANS move up to #5 passing LTC in the blink of an eye (4-6 days) and coming out of nowhere - even though the value may indeed justify its worth - It is still yet to be seen as the coin has just recently been revamped 100%.
With OMG (Omisego) - The project is astounding, with its str parent company, Vitalik Buterin on the advisory board, the McDonalds contract and now the new Plasma.io -
HOWEVER....
Should a coin like OMG or QTUM be ranked #13 & #11 primarily due to their amazing fundraising through thelie respective ICO's?
This has been in my mind the past few days as I've noticed that months ago - to inch up a slot in the Top 20 or 30 was "News" in itself - Now before the news can even break for a coin to climb the rankings - a new story would have already unfolded as it climbed another ranking less than 10 minutes later.
Many have said the entire Market Cap Ranking system has been flawed since the beginning
Maybe now with the "ICO Effect" changing the ways new coins are ranked and how fast they can climb the rankings - the crypto community will finally take a stand and solve this issue.
Id love to engage in some discussion on the topic - Please share your thoughts and don't just Upvote if you like the post - but comment and let's get some positive brainstorming and solutions in place.
Thanks for reading this
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