Step aside CoinMarketCap, your time may be up; there’s a new straight shooter in town with reliable bitcoin trading volume metrics. Following recent research and criticism of CMC’s data collection methods, a New York-based alternative has stepped into the fray.
Bitcoin Trading Volume Overexaggerated
CoinMarketCap has, for a long time now, been the go-to place for all kinds of cryptocurrency metrics. In fact, it is a top-500 website globally.
Initially, as the name suggests, it listed cryptocurrency prices, ranked on their total market capitalization. The problems arose when it began ranking exchanges based on daily trading volume – as reported by the exchanges themselves.
An exchange which ranked highly could command increased token listing fees; after all, who wouldn’t want their token to be exposed to all that traffic. So it was beneficial for an exchange to report higher volume than it actually processed, through wash-trading or simple
As a result, according to CMC data, 15% of Bitcoin’s entire…