The Messari, which is a crypto coin analytics company has just gone ahead to add a new index for the ten crypto exchanges, the company announced this in a blog that was posted on the 26th of March.
The Platform Has Launched A New Product
Messari went ahead to start a new product that they have dubbed as the Real 10 volumes; this was done on their OnChainFX dashboard, just to ensure they were able to limit the default volume calculations that were made on the exchanges that have been chosen. Some of the real ten platforms include Bitfinex, Bitstamp, Binance, Coinbase, Bittrex, Kraken, Gemini, just to name a few.
In the post that was published the company went ahead to state that the exchanges mentioned above were able to report legitimate and significant trading volumes through the API. But this is not all as the company went ahead to reveal further that in the next few months it will be adding more exchanges on to their platform together with having an addition of a clean book data that will be in their data feeds.
The company’s attention to the legitimate and significant volumes has followed a report that was shared from a primary crypto index fund provider, the Bitwise Asset Management. The fund provider went on to state that about 95% of the volume that is on the unregulated exchanges seems to be fake or could just be non-economical in nature.
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading,’’
the report read.
Additionally, a different report that was presented from The Tie also came to the same conclusions; it found that nearly 90% of the crypto exchanges in the market may have reported trade volumes that are not correct. The Tie went on to say that around 87% of the trading platforms that were analyzed had reported trading volumes that were potentially suspicions.
Just after the report that was presented by Bitwise, the crypto market data resource, the CoinMarketCap, made a promise that they will go ahead and recalculate how it is ranking the member exchanges.
The executive of the CoinMarketCap went on to state the following on Tweeter.
“We are listening to all our users' feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site.”