Crypto price tracker and exchange rankings site CoinMarketCap.com (CMC) is making major changes to its exchange listings method in light of concerns over skewed trade volume data, according to an official announcement July 19.
According to CMC, this represents the first measure among others that will be phased in to address widespread concerns about the integrity of trade volume figures on exchanges.
These include a new “transaction fee mining” model, recently adopted by some exchanges, that reimburses transaction fees in the form of native exchange tokens.
The site will soon introduce new metrics, such as 7-day and 30-day listings, to allow for better evaluation of volume consistency.
The recently rebranded five-year old CMC has seen stratospheric growth, reporting over 60 million unique visits this year through May.
Crypto price tracker and exchange rankings site CoinMarketCap.com is rehauling its exchange listings method in light of concerns over skewed trade volume data
On April 20, the day of the Bitcoin halving, total transaction fees paid to miners jumped to 1,257. 71 BTC, the highest since December 2017. The high amounts starkly contrasted with fees from the previous day, which amounted to only 116.
As the primary holding area for unconfirmed Bitcoin transactions, the mempool offers vital insights into the network’s operational status. High fees within the mempool typically signal increased network activity and potential congestion, impacting transaction processing times and user costs.
Bitcoin transaction fees have risen to a six-month high amidst a resurgence in the popularity of Ordinals Inscriptions. Data from BitInfoCharts reveals that Bitcoin’s average transaction fee has reached its highest point since May, surging over 2,000% since its August low of $0.
Earlier this year, the market saw an unprecedented uptake of Ordinals and its associated Inscriptions. Ordinals serve as a unique numbering scheme for satoshis, allowing users to track and transfer individual sats.
