The latest CoinMarketCap update which went viral in the Bitcoin news shows that we can now see a “confidence factor” which ranks exchanges. However, the CoinMarketCap users are apparently taking issues with this novelty as they are calling out Binance to fix the new exchange ratings.
One pseudonymous Twitter user going by the handle @CosmonautC recently called out CoinMarketCap for placing BitMEX (one of the top exchanges out there) all the way down at the 175th position.
BitMex is now completely gone from coinMarketCap, sitting comfy at spot, wait for it, 175.
This is despite the fact that Bitmex has the 2nd highest web traffic factor of all exchanges. Which according to coinMarketCap was supposed to be how exchanges would be ranked pic.twitter.com/bVJ6gwan9P
— Cosmonaut (@CosmonautC) June 8, 2020
Such a low position, according to the user, is something that should be fixed in the new rankings of the crypto data aggregator. Many other CoinMarketCap users have been shouting the same thoughts, following the update which comes after a period of several weeks where exchanges were ranked exclusively by web traffic – which is another thing that drew criticism.
According to CoinMarketCap, BitMEX has an almost perfect score of 960 which is just 40 points shy of the Binance maximum of 1000. While BitMEX was singled out by the community, other exchanges like Deribit and Bybit are also sharing the same rankings – they are currently at positions 177 and 179, respectively.
CoinMarketCap users are now taking it to Twitter. As CosmonautC pointed out, several exchanges in the top 50 (such as CoinDCX and Huobi Russia) also have liquidity scores of zero, making it difficult to interpret the brand new exchange ratings algorithm.
Rumors in the Binance news (since Binance is now the proud owner of CoinMarketCap) show that one representative working at the crypto data aggregator explained that the current ranking “only takes spot exchanges into account,” while promising that derivatives platforms will be “soon ranked as well.” However, this source of information is still unconfirmed to the public.
CoinMarketCap users are now left confused because of the iterative approach that Binance took to improving the rankings of the data aggregator. The newest criticism also suggests that CMC still cannot complete the rankings in a realistic way.
As you can see on the photo above, Binance is ranked as the first exchange on the list, following Huobi Global, Coinbase Pro, Kraken, and Bitfinex.
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