The recent price rally in the crypto space has seen most of the cryptocurrencies making double-digit gains and a significant increase in Bitcoin’s trading volumes. Due to the sudden price trigger and increased Bitcoin trading volumes, many new and unknown crypto exchanges are showing the highest volume of Bitcoin trade on CoinMarketCap’s trading charts.
This has annoyed CZ Binanace, the CEO of Binanace crypto exchange, and he made his displeasure known, on Twitter, he mocked CoinMarketCap’s trading charts saying, “Credulity is important”
CoinMArketCap’s current ranking of crypto exchanges by highest trading volume has placed Binance on 7th spot and this really irked the CEO, since fake and inflated volume has become a trend of sorts among uprising or new exchanges to attract a user base.
CZ is known for putting some of the most transparent views on aspects revolved around cryptocurrency, regulations, blockchain and unlike. The CoinMarketCap chart places an unknown OOOBTC exchange on top with $1,508,004,988 market cap followed by HitBTC, DigiFinex, Coineal, OKEx, CoinBene and then Binance on the 7th spot.
The first tweet with credibility was shortly followed by another taunt which read,
it’ss a “secret” that I didn’t want to share with them before, lol… But for the health of the industry, we need to let them know they are actually hurting themselves.”
Another research by CoinGape suggests that the top exchange’s trading volumes on the CoinMarketCap’s list are majorly towards the towards Litecoin and Ethereum pairing with Bitcoin. Another interesting revelation by the research suggests that the top exchange OOOBTC which holds the top ranking is up with 500% over the past 24 hours and the volume graph is strictly moving up in the last 7 days.
Another research suggests that the majority of the exchanges on CoinMarketCap are unregulated which are showing major trading volumes to divert the market sentiments.
CoinMarketCap has been often criticized for a very narrow set of metrics that it use for its ranking system. Not just the trading volumes, but also the crypto token ranking has been criticized several times for a very vague set of metrics that it uses for its ranking. Although CMC has assured that it is going to expand its metrics, there is no fixed time or methodology in public knowledge.