CoinMarketCap (CMC) – today the leading source of knowledge about the exchange rate and volumes on the cryptocurrency market – is committed to changing the way it classifies e-currency exchanges on its portal.
Recent cryptocurrency market research has shown that some of the exchanges are “tuning up” their volumes. CoinMarketCap therefore undertakes to change its assessment of such platforms.
The leader must take care of the reputation
Today, CMC is probably the most well-known platform that helps track the market rate and market capitalization of bitcoins (BTC) and altcoins, as well as activity on the stock exchanges. Last week, Bitwise research found that CMC displays false volume statistics. This in turn misleads investors – explains in the Bitwise report.
Now CMC has to do something about it. The company’s management wrote on Twitter:
“We listen to the opinions of our users and work hard to add a set of new metrics, so that users will be able to get a fuller picture of exchanges on the site.”
In the meantime, Carylyne Chan, CMC’s marketing manager, talked to Bloomberg, outlining how the site’s ranking will change in the future.
“For example, if a low-traffic exchange has 300 million volumes and only 5 BTCs in its portfolio, users will be able to draw their own conclusions without having to make arbitrary decisions calling for what is good or bad.”
Counterfeiting of volumes by some exchanges has already been emphasized by The Tie. In turn, Changpeng Zhao, CEO of Binance, argued that a coin that suddenly climbs to the top of page rankings such as CMC may arouse suspicion.