I'm trying to get an idea of exchange ranking in terms of trading activity (i.e. volume). I've had a look at www.coinmarketcap.com. There are 3 sortings which are rather different:
- Exchanges by adjusted volume
- Exchanges by reported volume
- Exchanges by liquidity
How are adjusted volume and reported volume different? Why are the rankings on both so different? I also had a look at https://nomics.com/exchanges which gives yet another ranking different from the ones above.