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The price of the Ethereum managed to swim against the current Monday, posting a slight increase even if the wider markets – led by bitcoin and ripple – endured a moderate correction that appeared worse than what it really was.
Cryptocurrency market cap reaches eight percent "Hit" while CoinMarketCap excludes Korean data
The market capitalization of cryptocurrency had risen steadily during the first week of 2018 and had climbed to 830 billion dollars on Sunday. However, it took eight percent this morning, bringing the combined value of all cryptocurrencies to $ 755 billion.
Most of this movement occurred around 5:00 UTC, when the CoinMarketCap market has stopped taking South Korean trade data into account in its pricing algorithms since Korean trade tends to set prices for coins and tokens at large premiums (often 25% or more). although the current movement was, in many cases, much more discreet.
The price of bitcoins drops below $ 16,000
The price of bitcoin had spent the weekend on a bullish rise, and on Saturday, the flagship cryptocurrency increased by $ 17,252 on Bitfinex. This brought bitcoin to its highest level since December 21 and it seemed to indicate that it was ready to start claiming its dominant market share.
Today, however, the price of bitcoin has gone into a vertiginous drop, falling from about nine percent to a current value of $ 15,475 on Bitfinex. This translates into a market capitalization of $ 261.5 billion.
The Bitcoin Decline Happened While the South Media -Coreans reported that regulators were conducting an "intensive investigation" into bank accounts belonging to local cryptocurrency exchanges.
The Ethereum fights the price of the current
While bitcoin and other higher cryptocurrencies dropped, the price of the ethereum beat against the current to show a gain of two percent. That's not to say that the withdrawal did not strike a severe blow to ethereum. Earlier in the day, the price of the Ethereum had climbed to over $ 1,200 on Bitfinex to post a new historic high, but it has since dropped to $ 1,128.
Nevertheless, ethereum remains in Positive territory – at least as the time of writing – and its resilience allowed it to recover the second position in the ranking of ripple stock market capitalisations with a total valuation of just under 112 billions of dollars.
Ripple, meanwhile, saw its price drop from about eight percent on Bittrex to $ 2.53. Its overall price, however, shows a 21% drop on CoinMarketCap, mainly because the website has begun to exclude from its calculations South Korean spot prices – which are notoriously high due to local demand and price controls. capital -.
It is not known if it will be a permanent change or If the website has detected pricing anomalies in South Korean markets, the market capitalization of the current algorithm is valued at only $ 99.5 billion, making it the third place among cryptocurrencies.
The markets of Altcoin demonstrate the influence of South Korea
The absence of South Korean spot prices from the CoinMarketCap algorithm makes the market decline seem worse than it is, but most of the higher cryptocurrencies have experienced at least a slight decline against the US dollar.
According to data from CoinCodex – which continues to take into account the data South Korean prices in his calculations – the bitcoin cash price fell two percent to $ 2,684, and fifth cardano fell seven percent to $ 0.93.
The NEM fell by 1%, while the Litecoin and Star Star fell by 4% and $ 273 and $ 0.66 respectively.
The price of IOTA managed to run the water, which was enough to raise it to ninth place in the rankings, while TRON fell by four percent to complete the top 10.
Write to Josiah Wilmoth at josiah.wilmoth (at) ccn.com.
Image from Shutterstock.
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