en

Maximum rating for Bitfinex on CoinGecko


en.cryptonomist.ch 2020-11-20 14:30
Reading time: ~2 m

The famous crypto data aggregator CoinGecko has added the Bitfinex exchange rating

This has been reported by the CTO of Bitfinex, Paolo Ardoino, on Twitter. 

Love @bitfinex new rating on @coingecko
10 🤘 pic.twitter.com/foLZJYPbl0

— Paolo Ardoino (@paoloardoino) November 18, 2020

Currently, in the “Trust Score” crypto exchange ranking for spot markets on CoinGecko, Bitfinex is in fourth place, preceded only by Binance, Coinbase Pro and Kraken.

Its Trust Score is the highest, 10, while the volume in the last 24 hours has been almost $330 million in the spot market, with 166 tradable cryptocurrencies in 317 pairs, and an estimated 1.75 million monthly visits to the website. 

However, when ordering the ranking by trading volume, again on the spot market, in the last 24 hours Bitfinex ranks seventeenth, surpassed even by exchanges with a much lower Trust Score. 

In fact, Bitfinex is one of the six other exchanges to have a Trust Score of 10 on CoinGecko. Whereas among those that report higher volumes there are four with Trust Score 6, and another four with Trust Score 7. 

It is worth noting that, in addition to the four already mentioned, the other exchanges with Trust Score 10 are Gemini, Crypto.com and Binance US. 

Bitfinex’s rating on CoinGecko in the derivatives market

Bitfinex is also in twelfth position on CoinGecko with regard to the Open Interest of crypto derivatives trading. 

In fact, in the last 24 hours, the Open Interest on Bitfinex has settled at $212 million, in line with that of other platforms.

However, the trading volume of crypto derivatives has not been particularly high in the last 24 hours on Bitfinex: just over $17 million. 

In the list of exchanges offering crypto derivatives, CoinGecko does not show the Trust Score. 

One interesting thing about the volume data is the overall comparison between trading volumes on the spot markets, i.e. cryptocurrencies and fiat currencies, and those of derivatives, such as futures or perpetuals. 

In fact, according to CoinGecko data, total trading volume in the spot markets in the last 24 hours was 66 billion dollars, while the total trading volume in the derivatives market was over 70 billion dollars. 

So these two markets are fairly aligned in terms of volumes, with a slight prevalence of derivatives over spot markets


   Source