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The popular crypto data tracker CoinMarketCap is introducing changes in light of what are called "concerns" over false volume figures.
In a blog post, published July 19, the site said it had already lowered a minimum volume required for trades listed on the site, a policy that was said to be initially 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 attempt to offer 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 data from trading.
In particular, transaction mining, low tariffs and cryptographic projects' flushing trading could result in artificially high commercial volumes appearing on the site.
Chan wrote:
"While we have a relationship with most of the exchanges listed on our site, there is no guarantee that none of them will respond or meet the specific guidelines, but we must continue to show users the best approximation of price and volume based on all the data we have available.The evolution of new models such as transaction mining also means that there must be new ways to take the volume into account.This aggravates the fact that, in fact, they allow greater liquidity in how users negotiate more easily on the platforms ".
CMC is designed to aggregate the data sent by the exchanges, and therefore the numbers on the site reflect "the best approximation of price and volume based on all the data we have available", he said, explaining that "even if we try our best to verify data with exchanges on our site, we are not in the practice of censoring or monitoring others. "
Having said that, he wrote, "we understand that these concerns are valid and have implications for the community and the impressions that people have on trade, even more than we are used to traditionally."
Image of the Bitcoin price chart through Shutterstock
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