Binance’s Coinmarketcap has just updated its pair ranking system with the introduction of different types of rankings for crypto market pairs as we are reading in the latest Binance news.
Binance’s Coinmarketcap said that it would start using the new ranking system and will take several new factors into consideration. The leading crypto data aggregator noted that the market pairs of digital currency exchanges will be scored based on their reported trading volume, liquidity, and the closest possible estimation of an exchanges’ user base. Every market pair will have to score well across the aspects in order to ‘’rank well’’ according to the blog post:
“The triage of factors is expected to provide a more comprehensive picture of each market pair, ensuring that users make better decisions on where to trade. Previously, the market pairs ranking was sorted by reported volume only, following the removal of the ‘adjusted volume’ metric for simplicity.”
Coinmarketcap also made a few changes to its ranking methodology which includes a new Internet traffic metric. The platform also says they will continue to update the tools and services in order to provide better and more accurate data. The platform was recently acquired by Binance, which is the largest crypto exchange by trading volume. The exchange claims that its acquisition will not affect how the platform operates because it will function as an independent business.
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Binance claimed that there’s no owner relationship between the exchange and the data aggregator which is quite questionable.
The founder and CEO of Binance, Changpeng Zhao, noted that Binance and CMC are in fact very similar as they are both providers of “access to crypto” and both share a vision of making crypto assets more accessible and useful for people around the globe. Even though this acquisition is rumored to have cost Binance a whopping $400 million, Zhao noted that the company cannot disclose the amount of the deal as it is protected by a non-disclosure agreement (NDA).
As CoinMarketCap unveils changes, the factors are going to reduce the impact of fake volume on the platform’s data and change the crypto ranking system. Also, the changes build on others that were introduced recently and have proven controversial for benefiting the parent company of the data aggregator, Binance. In order to flag suspicious volumes reported by exchanges, the data aggregator introduced its new ‘Confidence’ metric.
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