CoinMarketCap Finds the Solution to “Fake/Suspicious” Volume

New metrics in play, Spoiler Alert: Binance is at the top.

In 2019, it was reported that 95% of the bitcoin trading volume is fake.

About a month after that, CoinMarketCap said they are “working hard to build constructive solutions to address volume concerns.”

Now, a year since the report came, CoinMarketCap has found the solution to tackle this issue.

Over a month after the leading spot exchange Binance acquired CMC in a $400 million deal, the crypto data tracker has exchanged the “volume” criteria for ranking cryptocurrency exchanges with the web traffic category.

à la ‘If you don’t have a solution, change the question!’

Real Volume? Remove suspicious volume!

Interestingly, the day Binance acquired CMC, the exchange was ranked 15th with a reported volume of $6.7 billion. However, the adjusted volume, a metric to exclude data that is “skewed or potentially suspicious,” reported just over $2 billion.

But this metric is now removed from the site.

And based on the new metric, Binance got the top spot!

“What did you think was gonna happen? Six weeks in and binance acquisition of CoinMarketCap already being abused to manipulate the rankings,” called out analyst Mati Greenspan.

Greenspan has been against Binance’s decision to acquire CMC from the start which he said is “buying out the ranking site in order to manipulate your way to the top.”

Source: CoinMarketCap

According to Binance founder and CEO Changepeng “CZ” Zhao, the new rankings are “better than before,” and he finds it useful as “I can finally have a clear view of the field and see who the real upcoming exchanges are.”

With the new metrics, “We strive to maintain a high standard for data transparency and integrity in our industry,” he said.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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