There's a huge difference if you compare the top 10 exchange by liquidity and the top 10 by adjusted volume

.
Indeed.
And also, after 50 exchanges, liquidity is non existent. How many "exchanges" are there?
I guess we will have a better idea once we see the
methodology. As I said in my thread, link is still a blank page.
You have to clink either internal link
Methodology:
Listings Criteria
Market Data & Cryptoasset Rank
or go here for further info, but don't expect to see the algo
https://support.coinmarketcap.com/hc/en-us/articles/360035679972-Liquidity