{"id":260529,"date":"2020-05-15T12:26:24","date_gmt":"2020-05-15T16:26:24","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=260529"},"modified":"2020-05-15T12:26:24","modified_gmt":"2020-05-15T16:26:24","slug":"coinmarketcap-changes-exchange-ranking-technique-to-prioritize-web-traffic","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coinmarketcap-changes-exchange-ranking-technique-to-prioritize-web-traffic","title":{"rendered":"CoinMarketCap Changes Exchange Ranking Technique, To Prioritize Web Traffic\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Market insights provider and aggregator CoinMarketCap has made some changes to its exchange ranking system.\u00a0<\/span><span style=\"font-weight: 400\">According to a <\/span><a href=\"https:\/\/blog.coinmarketcap.com\/2020\/05\/13\/ongoing-improvements-to-combat-volume-inflation\/\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\"> published earlier this week, the firm explained that it would be tweaking its exchange ranking technique to include web traffic.\u00a0<\/span><\/p>\n<h2><b>Retail Traders Rule the Market<\/b><\/h2>\n<p><span style=\"font-weight: 400\">At the time, CoinMarketCap explained that the crypto market is a retail-driven one. Thus, exchanges that want to have high volumes will need to have a high concentration of retail customers. The firm also explained that measuring exchanges based on web traffic is more convenient than asking them to submit data concerning their trade volumes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAs such, we have designed the Web Traffic Factor in this iteration. It takes into account an extensive range of data points, including pageviews, unique visitor count, bounce rate, time-on-site, relative ranking and keyword searches on major search engines,&#8221; the blog post concluded.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The new ranking system sees Binance rank top amongst global cryptocurrency exchanges. While the Malta-based firm has held the top position for a while, it continually switches places. Now that CoinMarketCap is adding web visitors, Binance\u2019s popularity over names like Coinbase Pro and Huobi will keep it on the top spot.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, CoinMarketCap also explained that the metric doesn\u2019t yet capture the full picture of the market. The firm also said it would keep changing the scoring framework, as it ultimately hopes to simplify information for curious visitors who want a summary.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8220;We are working on the UX\/UI designs to make it easier to filter and sort for the attributes that you care about \u2014 it will be rolled out throughout this iterative process,&#8221; the post explained.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When the ranking parameter changes to average liquidity \u2013 as it used to be \u2013 Binance isn\u2019t first. Instead, the exchange ranks fourth, after Bitfinex, Coinbase Pro, and Huobi Global, respectively.<\/span><\/p>\n<h2><b>Possible Conflict of Interest?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">It\u2019s worth noting that this isn\u2019t the first time that CoinMarketCap will be considering the use of web traffic in its scoring framework for exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Late last year, Carylyne Chan, the firm\u2019s Chief Strategy Officer, and acting CEO, appeared on an <\/span><a href=\"https:\/\/shows.acast.com\/blockchain-journeys\/episodes\/coinmarketcaps-carylyne-chan-how-cmc-will-punish-shady-crypt\"><span style=\"font-weight: 400\">episode<\/span><\/a><span style=\"font-weight: 400\"> of the Blockchain Journeys podcast. He made the appearance while at the Capital Conference in Singapore, and he did say that he didn\u2019t believe web traffic was a good indicator.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe&#8217;ve seen other people do things like you&#8217;ve said, web traffic as a way [to verify exchanges are legitimate] but people trade using API keys so that&#8217;s why web traffic is not a good indicator.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">This begs the question of what happened to change the firm\u2019s mind. One of the possible explanations, of course, could be that CoinMarketCap is pandering to its new owners.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance acquired CoinMarketCap early last month. At the time, Binance CEO Changpeng Zhao confirmed the news, explaining that both companies plan to make crypto more accessible to people. By merging, they can both play on each other\u2019s strengths to grow and maintain transparency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To be fair, Zhao has criticized this new ranking technique.\u00a0 In a Twitter <\/span><a href=\"https:\/\/twitter.com\/cz_binance\/status\/1260992403835506689\"><span style=\"font-weight: 400\">thread<\/span><\/a><span style=\"font-weight: 400\">, he called is \u201cnot accurate,\u201d and added that the firm would continue to iterate it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Market insights provider and aggregator CoinMarketCap has made some changes to its exchange ranking system.\u00a0According to a blog post published earlier this week, the firm <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/coinmarketcap-changes-exchange-ranking-technique-to-prioritize-web-traffic\" title=\"CoinMarketCap Changes Exchange Ranking Technique, To Prioritize Web Traffic\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":224490,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7612,5357,7927,5527],"class_list":["post-260529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-binance","tag-blockchain","tag-coinmarketcap","tag-exchange"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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