The Bitcoin Average Price Widget employs an algorithm that is used to calculate a more reliable bitcoin price. The widget does this by pulling bitcoin ticker data from several top bitcoin exchanges. After downloading the bitcoin data, it applies a weighting algorithm to the bitcoin exchange data. This algorithm weights each bitcoin exchange ticker by its percentage of total market volume.
An exchange volume-weighted average price (VWAP), has several benefits:
- True indicator of market sentiment
- Resistant to exchange price manipulation or hacking.
- Since the bitcoin price is weighted by volume, more trusted exchanges will bear more weight. Also, one exchange being manipulated will not drastically affect the volume-weighted price.
The Bitcoin Average Price Widget uses data from the following exchanges:
- OKCoin
- Bitfinex
- Coinbase
- BTC-e
- CEX.IO
- Kraken
- ItBit
Special thanks to the creator of the XChange API, which is used to pull data from some of the listed exchanges.
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| Downloads: 11 | ||||
| Updated At: 2024-04-23 09:20:12 | ||||
| Publisher: Joshua Maciak | ||||
| Operating System: Android | ||||
| License Type: Free |