Correlation Between Cryptocurrency Value and Exchange Listings

There is a positive correlation between the value, or market capitalization, of a cryptocurrency and the number of exchanges that it is listed on. For the top 1,000 cryptocurrencies, the correlation is over 50 percent. Rudimentary data analysis indicates that the market capitalization of the coin crudely increases with exchange listings. However,  it is not wise to conclude that simply listing a cryptocurrency on more exchanges always adds more value to the cryptocurrency.
Correlation

The first cluster includes Bitcoin, Litecoin, Ethereum and Bitcoin Cash. This group of cryptocurrencies are all listed on over 75 exchanges. The second cluster of cryptocurrencies are scattered between 15 and 55 exchange listings. The second includes DASH, Ripple, ZCash, and popular cryptocurrencies. Finally, the vast majority (~98%) of cryptocurrencies have 15 or fewer exchange listings.

Statistical summaries show that median cryptocurrency is listed on just two exchanges and the average is listed on just under four exchanges. Using a box plot to graphically describe the data shows the large number of exchanges in relation to the majority of cryptocurrencies.
Cryptocurrencies should be listed on as many exchanges as possible. Currencies generally have more legitimacy the more widely they are used, and listing on as many exchanges advances those network effects.

Knowing that the exchanges are primarily used as stores of value or mediums of exchange, it only makes sense to list widely if planning to compete with cryptocurrencies used as money. There are always exceptions. However,BTC