Especially with zero fees models, volume doesn't feel like a very good indicator of how big an exchange is.
I wanted to sort currencies and exchanges on bitcoinity in some more meaningful way so I came up with a ranking system which detailed explanation you can find here.
Chart of rank for different exchanges over time
It can be also used to tell which currencies are the most active (which, when based on volume is biased toward those with most zero fees exchanges).
Charts above focus on comparison, but when you switch the chart type it can also be some kind of indicator of how much fresh money flows into order books.
I'd love to hear some feedback about the ranking, I tried to make it as sane as possible and I'm open to change it if something better comes up in the discussion.
You can see how it compares to volume and some other indicators on the exchanges list.
I'm sure it's not perfect, but when trying to use just a single number it seems to be much more meaningful than volume.
Submitted September 29, 2015 at 09:35PM by comboy http://bit.ly/1ju8KfY
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