Bitcoin Derivatives Exchanges to Have a Separate Page on Coinmarketcap
John P. Njui • BITCOIN (BTC) NEWS CRYPTOCURRENCY • JUNE 9, 2020 • 2 Min read
In brief:
- Early this month, Coinmarketcap changed the algorithm used to rank crypto exchanges.
- The changes saw Bitmex, ByBit, and Deribit ranked 175th, 177th, and 179th respectively.
- The team at Coinmarketcap has explained that a separate page for derivative platforms will be added soon.
There is no doubt that the rate at which changes occur in the crypto-verse is exciting. Sometimes it becomes difficult to keep up with all the transformations with respect to crypto projects as can be seen in the recent changes in the ranking system of crypto exchanges on Coinmarketcap.com. At the time of writing this, the popular Bitcoin derivatives platforms of BitMex, ByBit, and Deribit are ranked 175th, 177th, and 179th respectively.
Screenshot courtesy of Coinmarketcap.com (Click on image for larger view)
Crypto Twitter and Crypto Exchanges React to the New Coinmarketcap Rankings
The current rankings of BitMex, ByBit and Deribit have caused a stir in the crypto community with many traders wondering what is going on. Evidence of this can be seen in the following tweet by @CosmonautC.
A Separate Page for Derivatives Platforms is in the Pipeline on Coinmarketcap
As shocking as the rankings of BitMex, ByBit and Deribit might be, the team at Coinmarketcap has explained that it is the first phase of changes being implemented in the exchange ranking algorithm on the platform.
In a June 8th update to the crypto community, the team at Coinmarketcap explained that the current exchange rankings apply to spot market pairs and a separate page will be added for derivative exchanges.
Please be reminded that the exchange ranking algorithm change below applies for spot market pairs and exchanges only. A separate page for derivative exchanges will be available in the near future.
Conclusion
In conclusion, the team at Coinmarketcap has clarified that the current exchange rankings are as a result of an initial phase of changes in the algorithm used to grade crypto exchange platforms. At the time of writing this, the algorithm is set for spot market pairs thus the discrepancies when it comes to ranking BitMex, ByBit, and Deribit. Although initially confusing to the crypto community, the changes will eventually include a separate page for derivatives exchanges and providing more accurate data with respect to BitMex, ByBit, and Deribit.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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Original article posted on the EthereumWorldNews.com site, by John P. Njui.
Article re-posted on Markethive by Jeffrey Sloe