March 4, 2024

Binance returns to first place in CoinMarketCap rating after disappearing adjusted trading volume metrics

The analytical service CoinMarketCap has changed the ranking system of cryptocurrency exchanges by adding a metricweb traffic. At the same time, the adjusted trading volume category was removed, allowing exchange Binance, which acquired the service last month, to return to first place in the ranking.


Traditionally, the main indicator in compilingThe rating of exchanges has long been the volume of trading. Such a calculation technique is far from perfect: some sites can increase volumes, creating the illusion of active user activity.

Bitwise informed SEC that 95% of trading volumes are fake

In order to combat fake trading volumesCoinMarketCap in its own introduced the metric of adjusted trading volume (Adjusted Volume). However, now it is not available on the site, and Binance has returned to first place in the ranking.

The company noted that retail traders dominate the cryptocurrency market, therefore, popular trading platforms should attract high traffic:

“We have added web traffic information to ouriteration. They include a wide range of data, such as pageviews, the number of unique visitors, the bounce rate, time on the site, as well as ranking and keyword searches in large search engines. ”- the statement says.

Given that the exchange has recently acquired a service,some users questioned the objectivity of the data. Messari Research Director Ryan Selkis suggested using independent tools, adding:

“We do not adjust indicators and metrics based on corporate ownership and incorrect practices.”

CoinMarketCap noted that the new system is notgives a complete picture and is an intermediate step to more accurate tools. Binance CEO Changpeng Zhao expressed a similar opinion, calling the bias towards web traffic redundant. Nevertheless, he considers the new metric more accurate than before:


However, the disappearance of Adjusted Volumeraises many questions. As of the end of March, the leaders of the CMC rating, taking into account the adjusted trading volume, were mostly little-known trading floors. Binance in this section was on the 16th line, however, it was the leader in the declared volume (Reported Volume).

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Last year, the current head of CoinMarketCap, Carilyn Chan, criticized the idea of ​​accounting for web traffic, as many traders use the API.

The purchase of CoinMarketCap by the Binance exchange was confirmed on April 2 of this year. Sources of The Block reported that the transaction amount is close to $ 300 million.