CoinMarketCap Excludes Korean Exchanges From Its Data, Shows Crypto Prices Falling Significantly

CoinMarketCap Excludes Korean Exchanges From Its Data, Shows Crypto Prices Falling Significantly

Livecoinwatch.com, on the other hand, seems to still be including South Korean exchanges as its prices are somewhat higher as is the total market capacity for cryptocurrencies which shows around $35 billion higher than CMC. The removal of the cryptocurrency exchanges from the price indicators brought down the prices of bitcoin, Ethereum, and other cryptocurrencies significantly. This effectively has given consumers and investors in the market a lot more confidence in the cryptocurrency market and this is fueling the price surge.

The website shows real-time prices and market capitalisations for more than 1,300 cryptocurrencies and is widely followed by market participants. It fell to a one-week low below $14,000.

According to cryptocurrency exchange Bithumb, the price per bitcoin reached 24.7 million won as of 2:30 p.m. today, up 1.4 percent after financial authorities announced plans to investigate cryptocurrency exchanges.

CoinMarketCap, a leading real-time price and market capitalization tracker of cryptocurrencies, on January 8 excluded Korean data from its calculations and analysis, citing the higher trading price compared to other markets.

CoinMarketCap was not immediately available to comment on its move. We are working on better tools to provide users with the averages that are most relevant to them.

Cryptocurrency prices tend to be much higher on South Korean exchanges because of huge demand and monetary restrictions in that country, analysts said.

'Anyone looking to take advantage of an arbitrage in South Korea needs to do it with fiat currencies'.

With this move, CMC's price index is now more "accurate", when compared with standard trading platforms such as Gdax, Bittrex and Binance, and Ripple's David Schwartz supported the change, calling the new prices more meaningful.

Bitcoin is now little changed this year after surging about 1,400 per cent in 2017.

Ether now boasts a market cap of just over US$111 billion, while ripple's value has shrunk to about US$98 billion, according to Coinmarketcap.com.

Ripple is officially the name of a five-year-old start-up based in San Francisco that is developing a payments network for financial institutions.

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