Fake volume is fighting
CoinMarketCap is one of the leading cryptocurrency data tracking services platforms. Due to its popularity, the firm is taking major steps to provide accurate statistics on all cryptocurrencies and exchanges on the market.Now, the crypto data tracking platform has announced a new metric, liquidity dub, to accurately classify cryptocurrencies and exchanges through its “real trading activity.” Liquidity will help consumers differentiate between the most liquid markets for more than 4,000 digital assets registered on CoinMarketCap.
The new barometer is based on changes in the depth of the order book, distance from the average price, as well as other factors. According to Carolyn Chan, the firm’s chief strategy officer, all of these are aimed at providing “public good in corrupt markets.”When people are increasing their quantity, they are basically placing orders in the order book, so they buy and sell themselves. “With our liquidity metrics, we hope to benefit the public in the corrupt markets by encouraging liquidity supply rather than volume inflation,” Chanan said.
In order to keep the value of liquidity in mind, one can see the ranking of the coin marketcap of the top exchanges through the adjusted trading volume during the last 24 hours. Here, the Singapore-based cryptocurrency exchange Queen Benny tops the list in terms of trading volume with 19 1.19 billion. But, when it comes to liquidity metrics, Queen Benny is actually ranked 22nd with a liquidity of 223 million. At the top of the rankings is Binance with a liquidity of $ 60 million.
According to Chen, the daily volume lost its value as a metric in the cryptocurrency industry. But, the new approach “sheds light on what matters most to investors and traders.”The move to change the ranking criteria in CoinMarketCapcomes after industry leaders ignored the platform. For example, Bitwise Asset Management claimed earlier this year that 95% of the trading volume reported by CoinMarketCap was counterfeit. FXT, meanwhile, said CoinMarketCap doesn’t even believe the numbers they’re reporting because most of them are star signs.
The firm also launched a jobs page , where companies can list job startups and people can find new opportunities. The page shows that CoinMarketCap receives 9,699 for posting five jobs. The firm also announced the launch of its mobile apps in Simplified Chinese, with more languages in the pipeline, including Special, Japanese, Korean and Russian.
From November 21, CoinMarketCap will also provide its data through Yahoo Finance. Looking ahead, it will also launch an educational site. Just last month, the firm released a new page, where it publishes interest rates offered on a number of cryptocurrencies, to help consumers compare and choose a suitable product.
CoinMarketCap launches new liquidity metric to fight counterfeit trade volume
CoinMarketCap, a provider of cryptocurrency data, has launched a new metric sink called “Liquid” aimed at countering the volume of counterfeit trades.Announcing the news on Tuesday, Coin MarketCap said the new metric replaces “volume” and serves as the default standard for
cryptocurrency pairs and exchange rankings on its website.Liquidity metrics look at a number of factors, including changes in order book depth and distance from the average price. The market pair is calculated by polling for more than 24 hours at intervals and averaging the results.
“We believe that our adaptive approach will make it very difficult to ‘play’ our game because orders will need to be kept close to the middle price, or risk being more effective than liquid metric scoring,” said CoinMarketCap.Earlier this year, cryptocurrency asset manager Butter Voice was criticized by Quarter market, who said that data providers exchange volumes and that about 95% of cryptocurrency trading volumes are counterfeit. ۔