Ethereum Not Phased by CMC Correction

Ethereum passes the $1,000 mark and grew by 6 percent yesterday and its market share also grew to almost 16 percent. Other cryptocurrencies did not fair too well after market data website, CoinMarketCap (CMC), induced a correction. The cryptocurrency market started at over $750 billion yesterday and this was somewhat less than what it started at in the last two days. This is due to CoinMarketCap concluding that they will not account South Korean market prices. Typically South Korean markets price their cryptocurrencies much higher than the rest of the global market. CMC did not inform their users of this, and many thought that cryptocurrencies were declining, specifically coins like Ripple. Ripple has high trading volumes through South Korean exchanges such as Bithumb. This induction caused users to panic and caused a real decline in the market. In turn, users sold their coins and the crypto market cap declined to around $668 billion. However, the market bounced back and the cap grew back to about $740 billion.
The top coin on the market, Bitcoin, plunged five percent to around $14,500. Many theorize that besides the CMC correction, Bitcoin could be declining due to South Korea regulations on Bitcoin. Ehtereum has been the star in this show and has come on top among other coins. For two days, Ethereum has been growing and has had a rise of 5%. Its global average, not including South Korea, is about $1,200. The market cap for Ethereum is $117.9 billion, beating Ripple by $26 billion.

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