One of the most-visited crypto data tracking websites, CoinMarketCap, releases a new ranking of cryptocurrency exchanges based on the monthly traffic on the respective websites. The company has developed a criterion for ranking called as web Traffic Factor.
The aim is to serve cryptocurrency users by providing a reliable ranking to measure which cryptocurrency exchange is making progress in the crypto world. According to the company’s viewpoint, the volume reported by the company is not a perfect criterion to measure the weightage and ranking of an exchange. The volume inflation is an issue that creates some problems, and as a result, it cannot be called an authentic medium. The rationale document states,” exchanges used to be ranked by their reported volumes. However, volume inflation is a problem that plagues the cryptocurrency space.”
Web Traffic Factor is the Collection of Various Data Points
CoinMarketCap tracked the data from the various web traffic checkers before arriving at a final point. The famous traffic providers include Alexa, SimilarWeb, and Ahrefs. And when collecting data from these traffic solutions, there are various points which are considered, such as “pageviews, unique visitor count, bounce rate, time-on-site, relative ranking and keyword searches on major search engines.”
Binance Tops the List with 1,000 Score
These data points are having a fixed share in rolling out the final score from 0 to 1,000. For example, the pageviews and unique visitor counter make 20% and 15% of the total point score respectively. Similarly, the bounce rate, time-on-site has 10% and 5% share while both relative ranking and keyword searches count for 50%.
The ranking of CoinMraketCap for “Top Cryptocurrency Exchanges” is based on the traffic, liquidity, and trading volumes. According to Web Traffic Factor, the Binance tops the list with 1,000 points. Binance is then followed by Coinbase Pro (972p), BitMEX (960p), Kraken (856p), and Indodax (838p), OKEx (832), Upbit (830), and this list ends at 338 including exchanges all over the world.
Bittrex, Bithumb, and Bitfinex attain 797, 784, and 781 points respectively. According to Web Traffic Factor, the top will get 1000 score, and others will get a relative score after comparing with the top one, and this ranking will happen after every month.
However, the crypto community has some concerns about this ranking as Binance gets the highest score that is also the parent company behind CoinMarketCap.