Rating service CoinMarketCap.com (CMC) will use the new ranking algorithm of cryptocurrency exchanges. The decision on amendments was taken in light of the charges of the website in the distortion of data on trading volume.
Since Monday CMC refused the minimum working capital threshold, which was used as the basis for inclusion of the exchanges in the rating. In an official statement, CMC, published yesterday, said that it is only one of the planned measures of the balancing indicators.
The resource recognizes that some factors could affect the accuracy of the information provided on the state of the market. In particular, the statement indicated the model of “fee-free mining” used a number of platforms and providing “cashback” for transaction fees in a native exchange tokens. CMC notes that this model has the effect of “pumping” of the volume, creating an additional incentive for washout of Commerce for their accumulation. Negative consequences of such fraud can be exacerbated by the use of bots.
In addition, as possible reasons for the distortion of the data resource calls low fee with a dynamic reference to the turnover or the type of account the trader as well as washout trade native tokens of the exchange to maintain the required minimum trading volume.
Understanding the complex nature of the problem, the CMC plans to add new data filters. In particular, for optimal tracking of the turnover of the exchanges will soon be introduced 7 – and 30-day metrics ranking.
Although CoinMarketCap did not mention the original error data supplied API exchanges published in March a study showed that some sites give inflated trading volumes depending on the amount of a single transaction.
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