One of the reasons for the decline of the cryptocurrency market – update on Coinmarketcap.com

One of the reasons for the decline of the cryptocurrency market – update on Coinmarketcap.com

Monday January 8, representatives from CoinMarketCap said they ruled out from the site three Korean exchange “due to the extreme differences in prices with the rest of the world and limited arbitrage opportunities”.

This morning we had removed some of the Korean exchange in the calculation of average prices and other indicators because of too large differences with the prices in other world markets. We are working on improving our tools, to provide users with average values that are most relevant.

The exclusion of the three largest South Korean exchanges: Bithumb, Coinone and Korbit when calculating averages caused confusion. And given the fact that the exchanges Korea price is usually higher, the figures Coinmarketcap dropped almost all cryptocurrencies and for the XRP price has fallen by almost 30%.

The total market capitalization of the market also dropped sharply after the change, which apparently took place around 5 in the morning.

This shift is especially noticeable at the 24-hour chart of Bitcoin prices Cash, given that three of the Korean stock exchange included in the top ten in terms of the trading volume of the cryptocurrency.

Many commentators have noted that the prices for cryptocurrencies on CoinMarketCap is now much more adequate than before. However, there are a lot of unhappy, who believe that such a change has convinced many traders that the market went down and they began to sell, and this, in turn, resulted in a real reduction in the price of a cryptocurrency and Ripple including.

In General, the data CoinMarketCap coincide with other services, such as for example LiveCoinWatch. However, there are differences, Ethereum on Coinmarketcap, at the time of publication of the article, ranked second by market capitalization, while according to LiveCoinWatch this cryptocurrency is still in third place.

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