A month has passed since CoinMarketCap (CMC) showed concern in the exchange volume stats and altered the way they share their stats. The overinflated data worry made CMC create additional changes to the volume metric, which went on to noticeably alter the ranking by volume. However, a research conducted by the Blockchain Transparency Institute (BTI) found that the data regarding the exchange volume is still very far from being accurate. Based on the examination of 130 exchanges, BTI claims that ⅔ of the daily trade volume is being fabricated. It appears that some of the exchanges know no limit to exaggerating their trade volume. For example, Bibox bluffs an 85x volume, Bit-Z an over 469x, and the biggest violator of truth is BCEX, who declares a trading volume exceeding its real volume by 22,000.
A row of exchanges that used to sit in the top-25 have moved out of even the top-100, with less than 1,000 people visiting their websites. However, for some this investigation was good news, Kucoin and Cryptopia, both landed in the top-25, coming from the 58th and 90th positions, after the data falsifying exchanges lost their positions.
Most of the major league crypto exchanges were true to their situation and kept their positions in the top-10. Binance remains unmatched in its unique visitor count, exceeding that of other exchanges 50-600 times.
WHY IS THIS IMPORTANT?
- The crypto community is getting access to the real trading figures, which can help the users decide for themselves which exchange to choose when trading crypto.
- This is an important step to figuring out how to sustain transparency and accuracy for CoinMarketCap.