Volume (Market Pair)

The volume for each market pair is calculated by taking the 24h volume reported directly from the exchange in quote units, and converting it to USD using Coins Rating’s existing reference prices. Let’s take LTC/BTC market as an example:

Let (E) be the 24h volume of LTC/BTC reported directly from the exchange in quote units.
Let (C) be the last known reference price of BTC from Coins Rating in USD.
Let (D) be the derived volume reported on Coins Rating for the market.

For this example, let (E) = 100 BTC and let (C) = 10,000 USD / 1 BTC.

D = E * C
D = (100 BTC * 10,000 USD / 1 BTC) = 1,000,000 USD

Therefore, the derived volume for LTC/BTC on this specific market pair is $1,000,000 USD.

Note: Any conversion into other fiat currencies (for example, EUR) are converted from the USD volume based on current FX rates.

Volume (Cryptoasset)

The volume of any cryptoasset is the total spot trading volume reported by all exchanges over the last 24 hours for that cryptoasset. Some market pairs are excluded from the sum, denoted by two asterisks (**) on the markets tab, if the exchange does not enforce a trading fee or otherwise offers significant incentives to trade on the market pair. Market pairs with these characteristics are rather susceptible to wash trading, resulting in artificially inflated reported volumes. From our experience, we have found that it is better to exclude these markets to give a better representation of relative trading volumes for the crypto market.

Volume (Exchange)

The volume of any exchange is the sum of all market pair volume reported from the exchange over the last 24 hours.

Adjusted Volume - Volume from spot markets excluding markets with no fees and transaction mining
Reported Volume - Volume from all spot markets

Note: Market pairs that have been excluded from the cryptoasset volume calculation are not excluded in the total exchange volume calculation. For example, when an exchange begins fee rebates on a specific pair, the pair will be excluded from the volume calculation but will not be excluded from its total exchange volume.

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How do Volume metric is calculated?