Cryptocompare, the crypto data and indices provider will not make it easier for the users to find which exchange is good enough for their liking by launching a benchmark ranking and we read more about it in the coming altcoin news.
Cryptocompare announced the news on Wednesday saying that it launched the benchmark ranking of more than 100 active sports exchange from around the world in order to offer the users a ‘’comprehensive, granular and reliable source of information on the best trading venues.’’
The exchange benchmark was initially launched to address the need for reliable metrics in order to evaluate a large number of crypto exchanges that are popping out around the world. The Cryptocompare explained:
“Employing both a qualitative (due diligence) and quantitative (market quality based on the order book and trade data) approach, the product does not hinge on aggregate volume data but, rather, uses correlation-of-volume-to-volatility and standard-deviation-of-volume as inputs to CryptoCompare’s 30+ metrics. This is due to existing issues with volume manipulation, wash trading and trading incentives.”
The analysis shows that the most trusted exchanges are Bitstamp, Poloniex, and Coinbase. Kraken, Binance, itBit, Gemini, and Bithumb compete in the top 10 as well. With the new benchmark system, the exchanges will be graded from high to low based on their cumulative score related to the exchanges which are included in the rankings. The components for the metrics include geography, investment, team, company, legal and regulatory, data provision, market quality, and trade surveillance. Cryptocompare made the analysis based on public information and it is well explained in their reports.
The benchmark data will be available for the public on the company’s website from Thursday according to the representatives from the company. Cryptocompare noted the research for their new project indicated that many exchanges are wash trading and using trading schemes in order to inflate the volumes. As explained in the best cryptocurrency news sites, the wash trading problem is getting worse and there are many low-quality exchanges that increase the market share by 30 percent. The CEO and founder of the company said:
“In response to industry concerns over inflated volumes and the lack of reliable metrics for assessing cryptocurrency exchanges, we are excited to launch the CryptoCompare Exchange Benchmark. We look forward to bringing greater transparency to the digital asset class and improving decision-making for market participants by providing a dataset they can trust.”
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Crypto Exchange Poloniex Drops 23 Pairs Due To Low Volume
‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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