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On Coinmarket cap there are volumes listed on http://coinmarketcap.com/currencies/bitcoin/#markets but there are some large numbers at the bottom of the page which dont seem to be included in the daily volume total at the top of the page.

What do these numbers mean?

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You're looking at the entries that are in gray and marked with an asterisk? At the very bottom of the page you can see the meaning of the asterisk: "Volume Excluded - No Trading Fees".

It looks like these entries are for exchanges that don't charge a fee to trade. Their volume figures could be inflated. Someone on those exchanges could trade Bitcoin for fiat currency and then trade it right back at no cost, a transaction that has no net effect. This "volume" doesn't really represent someone who had Bitcoin and wanted fiat or vice versa. So Coinmarketcap has decided not to include those exchanges in their volume total, since they presumably think it could distort the total.

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  • Oh that makes sense. The numbers still look a bit ridiculous, they are in the billions. How do they come up with the daily total? It must include a portion of these transactions as today the total daily volume for bitcoin was around 155m but adding up everything ex those Astrix's only came to around 90m. – Kharoof Nov 21 '16 at 13:18
  • @Kharoof: Maybe. Or maybe it also includes an estimate of trades taking place outside exchanges. I didn't find any further information about their methodology. By the way what do you mean about numbers in the billions? As you said the total of all the volume numbers is only in the hundreds of millions. – Nate Eldredge Nov 21 '16 at 13:58
  • If you follow the link just now the figure at number 83 is for OK coin exchange and is 1.8 billion dollars. I don't know what this means. It seems incorrect. – Kharoof Nov 21 '16 at 14:06
  • @Kharoof: If there are no fees at an exchange, then as I said, its volume can certainly be inflated. You can trade huge amounts of Bitcoin back and forth - no net money changes hands, but every trade counts toward the volume. There isn't any reason why it couldn't be correct - it could just as easily be hundreds of times higher. – Nate Eldredge Nov 21 '16 at 14:43
  • Or have I misunderstood your question - are you asking what "volume" means in general? – Nate Eldredge Nov 21 '16 at 14:43

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