Ethereum hits a new record high - while bitcoin and Ripple's XRP slide

11 January, 2018, 00:25 | Author: Regina Lloyd
  • Bitcoin Seoul

On Monday, Ethereum regained the title of second most valuable cryptoccurency after rival asset Ripple held its ground for roughly a week.

Benzinga recently asked Twitter traders where they see bitcoin headed in 2018 and which other top cryptocurrencies will lead the pack this year.

The move drew fierce criticism from the cryptocurrency community.

But in a tweet yesterday, it said: 'We excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.

However, new investors must be careful to understand cryptocurrencies before entering the market. As news about the real reason for the price correction spread, the cryptocurrency market started to slowly recover lost ground and the crypto market cap presently stands at $760 billion.




THE value of global cryptocurrencies plummeted after an influential index removed prices from the South Korean exchanges without warning.

Ripple lost its title as the second biggest cryptocurrency when CoinMarketCap chose to exclude Korean exchanges from its averages, which resulted in Ripple?s price being shown at a lower price.

"We need regulators to look into the space more closely, the Korean exchanges have become insane in terms of price differences so these regulatory actions would help the price stability", Naeem Aslam, chief market analyst at TF Global Markets, told Bloomberg. For one, reports have emerged that the Chinese government, home to the world's largest Bitcoin mining operation, would push for an "orderly exit" from the cryptocurrency mining business, Quartz reported.

The total market capitalisation of some 1,300 cryptocurrencies tracked by the website then plunged 20 per cent from around $830bn to $669bn, it has been reported. In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent. In December, the virtual currency made its major exchange debut as the Chicago Board Options Exchange (CBOE) launched the first-ever Bitcoin futures trading.

The uncertainty, however, remains over the future of Bitcoin as a payment tool and many investors continue to treat Bitcoin more as an investment than an actual currency.

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