The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Leading cryptocurrency aggregator CoinMarketCap (CMC) has announced another update to its platform, following a number of changes over the past months.
As announced in May, the platform fell under heavy criticism following changes made to the way it ranks exchanges. This came as a result of Binance buying the platform in early April. Now, CoinMarketCap users are criticising the platform for showing bias towards Binance, which is listed and ranked as the top-performing exchange.
In response to the criticisms, CMC introduced a new “Confidence” feature. This metric is set up to flag suspicious activity in reported data coming in from exchanges. Machine-learning algorithms in place help the platform whether data reported is true and accurate.
The Latest Update Of New Metrics
The latest CMC update sees the introduction of new algorithms which will “replace the previous default ranking of exchanges by Web Traffic Factor.” The platform explained that this step concludes the first phase of changes it will see:”
“The previous default ranking of exchanges by Web Traffic Factor was only an intermediate step in the development of this comprehensive solution.”
According to CMC, the market pair rankings will now consider new metrics, namely Liquidity Score, Web Traffic Factor and pairing volume. From there, the market pair will be scored against the “Confidence” metric which speaks to how much CMC trust “the veracity of the reported volume of the market pair reported by the exchange.”
Built To “Improve And Adapt” To Volume, Liquidity And Long-Term Changes
Carylyne Chan, interim CEO, CoinMarketCap commented on the latest update, saying:
“I believe this new ranking of exchanges will provide our users with an accurate reflection of the trading venues, as they are scored on a triage of factors that provide a complete picture. Our machine learning algorithm will improve and adapt to volume, liquidity and traffic changes over time.”