CoinMarketCap to launch a new cryptocurrency rating system
|A cryptocurrency rating service CoinMarketCap announced a launch of a new rating system for digital coins and tokens. Many assets fell significantly in the rating when the system was tested.
"Next Monday (Sep 2, 2019), we will be announcing a change in our ranking methodology to ensure cryptoassets will have fairer representation in the ranking when comparing across all crytoassets,” the company announced.
Thus, according to the official announcement, Top-200 cryptocurrencies should meet at least 10 criteria defined by the service. Notably, assets with low daily average volume will not make their way to the top-200. All other coins with known market capitalization will be rated below 200; coins without definite capitalization will go at the end of the list.
Notably, when the system was tested, some coins dropped significantly as they failed to meet criteria. CoinMarketCap emphasized that they adjusted the issues that were not taken into account initially. This update will make the ratings fairer.
"This new change that we will announce next Monday will fix and streamline the rankings so that all cryptoassets will be fairly represented in the rankings. This will continue to be congruent with the previously-published methodology,” according to the statement.
It is worth noting, that a new system for cryptocurrency exchange liquidity evaluation will go live on November 12. The platforms will be allowed to choose the data they submit to CoinMarketCap, however, they will be classified into transparency categories depending on the amount of data they supply.
Notably, about 70% of all cryptocurrency exchanges have already joined the Accountability and Data Transparency Alliance (DATA). CoinMarketCap created this organization in response to accusations of publishing dubious information.
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