The popular crypto data tracker CoinMarketCap is introducing changes in light of what are called "concerns" about fake volume figures.
In a blog post, published on July 19, the site said it had already dropped a minimum volume requirement for trades listed on the site, a policy that was originally said to be pursued "in order to filter for the most popular exchanges. that could be listed on CoinMarketCap. "
The site also plans to introduce new ranking filters and metrics in an effort to give users "the power to experiment and use data in a way that best meets their needs."
The announcement followed a post on CryptoExchangeRankings, which addressed the question of how relatively new trades have been able to increase the rankings of CMC volumes. "The question of false volumes on cryptographic exchanges is like a UFO: some people claim to testify to it but there is no evidence and parameters to prove its existence", wrote the blog.
CMC vice president of marketing Carylyne Chan wrote in the site post that could show high trading volumes due to the way it collects trade data.
In particular, mining operations, low commission and scrubbing operations by cryptographic projects could cause artificially high commercial volumes that appear on the site.
"While we have a relationship with most of the exchanges listed on our site, there is no guarantee that any of them will respond or comply with the specific guidelines, but we must continue to show users the better approximation of price and volume on the basis of all available data.The evolution of new models such as transaction mining also means that there must be new ways to account for Compound is the fact that, in fact, they are allowing more liquidity in how users exchange more easily on the platforms. "
CMC is designed to aggregate data sent by exchanges, a numbers on the site reflect" the best approximation of price and volume on the basis of all the data available, "he said, explaining that" even if we do our best to verify the data with the exchanges on our site, they are not in the practice of censoring os supervise others. "
Having said that, he wrote," we understand that these concerns are valid and have implications on the community and the impressions that people have on trade, even more than we are Traditionally accustomed to. "
Chart image of the price of Bitcoin via Shutterstock