Wednesday, 17 January, 2018

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

Finance: Here's why cryptocurrencies are getting smoked on Monday Bitcoin, Ripple, Ethereum Slump As CoinMarketCap Kicks Off Korean Exchanges
Elsie Buchanan | 11 January, 2018, 00:26

For cryptocurrency investors who don't know where to start, here's a brief overview of 12 of the most popular alternatives to bitcoin that could be in for huge years in 2018.

Ethereum's gains on the day are in contrast with drops for the two other largest cryptocurrencies by market capitalisation, bitcoin and Ripple's XRP, both of which have seen falls on Wednesday.

After a crackdown on cryptocurrencies in China, market investors turned to South Korea and Japan, now two vital sources of global demand for Bitcoin and other virtual currencies.

The move drew fierce criticism from the cryptocurrency community.

Then, CoinMarketCap, a major source of information in the crypto world, chose to remove data from South Korean exchanges in its calculation of asset prices.

While the execution left something to be wanted, the exclusion of South Korean markets seemed logically sound to some cryptocurrency watchers, including Ripple Chief Cryptographer David Schwartz. The market cap was hovering around $30 billion then.

2 more die of Swine Flu at SKIMS, toll rises to 27
A study also done on flu vaccination said that it can significantly reduce a child's risk of dying from influenza. There have been 3,854 total flu-associated hospitalizations in OH since flu season began last October.


Cryptocurrencies were taking a beating on Monday amid concerns over an increase in global regulations, particularly in China and South Korea.

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.

Bitcoin accounts for 35 percent of global cryptocurrency trading and it is the most influential cryptocurrency on the market.

Monday's declines looks to have provided investor opportunity rather than deliver a more significant blow to the markets, though it remains too early to say what the eventual outcome of all of the increased oversight will be and what effect they will have on overall volumes. Until December 20, the ripple stayed below $1 per coin.

The year 2017 may forever be known on Wall Street as the year of bitcoin.

Traders said XRP was the most severely affected by CoinMarketCap's removal of South Korean prices because it was trading at a 50 per cent premium in that country.

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