Data aggregator CoinMarketCap has just carried out an update to its exchange ranking system by adding web traffic.
The modification, which was announced by the platform on May 13, was implemented yesterday. According to CoinMarketCap's team:
"In most cases, with crypto being a retail-driven market, for an exchange to have high volumes, it needs to have a large number of retail traders (i.e. buyers and sellers). Instead of asking exchanges to submit their user numbers, a good intermediate proxy will be web traffic. As such, we have designed the Web Traffic Factor in this iteration. It takes into account an extensive range of data points, including pageviews, unique visitor count, bounce rate, time-on-site, relative ranking and keyword searches on major search engines."
As a result of this change, Binance, which acquired CMC last month, has jumped in the ranking to the first position.
Binance CEO Changpeng Zhao said on Twitter that "this ranking is currently heavily biased towards web traffic, not 100% accurate, but better than before."
It is not a surprise that Binance has moved to the top position of CoinMarketCap's ranking after adding this new criterion if we take into account the platform received around 23.2 million visits in April according to a study carried out by The Block, which represents about 23% of all web traffic of all the exchanges surveyed.
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