Prices fall as CoinMarketCap tweaks data

Posted: 8 January 2018 12:37 pm
markets down small

The overwhelming majority of coins in the market have suffered wild price fluctuations and substantial dips.

CoinMarketCap, an online source for cryptocurrency market capitalization figures and price movements, decided to unexpectedly remove South Korean exchanges valuations from its reported averages, causing a significant decline in the overall market cap and individual currency prices over the last 24 hours.

The overwhelming majority of coins in the market have suffered wild price fluctuations and substantial dips.

Ripple’s asset, XRP, has fallen by more than one quarter (-26%) in price over the last day. Ripple toppled Ethereum last week to become the second most valuable coin, reaching a total market cap of over $136 billion. As of midday, January 8 the digital currency’s total market value had plummeted $40 billion to just $96 billion.

XRP’s individual value has collapsed from a high of $3.84 a few days ago down to around the $2.50 price point.

This sudden drop in value sent Ripple’s XRP back down to third highest coin by market cap, behind Ethereum.

Market leader bitcoin has seen its price value sink lower (-8.45%) over the last 24 hours, as has Monero (-18%), Bitcoin Cash (-18%), Dash (-16.86%), Litecoin (-12.44%), Cardano (-11.83%), IOTA (-10.63%), NEM (-8.46%), Stellar Lumens (-7.43%), Ethereum’s ether (-1.70%) and many others, according to CoinMarketCap data.

For new and inexperienced traders, the abrupt eradication of South Korean crypto rates from CoinMarketCap’s databases may have insinuated that the market had undergone a major correction and an abrupt sell-off.

Ripple chief cryptographer David Schwartz warned investors that the move could create unwarranted anxiety.

Korea’s exchanges, including Bithumb, Coinone and Korbit, were valuing the price of Ripple at around US$1 higher than on any other global exchange. In a subsequent tweet, Schwartz said these figures were “outliers” created as a result of a shortage in cryptocurrencies throughout South Korea, as well as the fact that it is “difficult” to extract South Korean won (KRW). “The new price is more accurate and meaningful,” he added.

Other websites have posted similar price variations. For example, OnChain FX and CoinCap’s prices reflect parity with CoinMarketCap, however, at the time of publishing, LiveCoinWatch was displaying Ripple’s XRP (US$3.02) at US$0.50 higher than the other websites (around US$2.50).

Just two days ago, CoinMarketCap reported that the total cryptocurrency market capitalization had risen above $800 billion. It has since slipped by almost one tenth (10%), down nearly $70 billion to $731 billion.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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