The ‘Exchange Volumes Report’ for December 2018, has recently been published by The Blockchain Transparency Institute (BTI). And the report very strongly claims that out of twenty-five top cryptocurrency exchanges only two of them report their accurate trade volume.
Whom to trust, BTI or Coinmarketcap?
BTI released its December 2018 report which firmly stands to claim that only two of the largest cryptocurrency exchanges Binance and Bitfinex have been representing their original trade volumes. The Coinmarketcap’s report stated that among the world volume rankings Binance stands at the third rank while Bitfinex is placed at the 21st rank. But the estimates reflects something else in the BTI’s report.
Further, the BTI’s report has placed Upbit at the third place, besides the fact that Coinmarketcap has kept at the 39th rank. The ranking is followed by Kraken, Coinbase, Bitstamp, Bitflyer, Poloneix, Bittrex and Gate.io, which resides at 27th, 34th, 41st, 54th, 62nd, 50th and 55th respectively in the report published by Coinmarketcap.
Thus, as per the report that BTI has released,
“only one of the top twenty exchanges ranked by Coinmarketcap should be actually placed in top 10. Apart from that one exchange, the rest of them do not stand even close to it and are falsely placed”
The latter report claims that only one percent of the trade volume has been genuinely been released by the top 25 ranked crypto exchanges.
Through this part, the report has raised several questions regarding the authenticity of the exchanges and puts a large question mark on their rankings. Being genuine is definitely not a thing that most of the exchanges are while releasing their trade volumes.