Yesterday, many cryptocurrencies came under heavy pressure – including Ripple. At first, it seemed as if many speculators wanted to take profits, and that there was a slight panic.
However, some traders have noticed that the popular crypto page CoinMarketCap (CMC) has made some important changes without warning. CMC has removed several South Korean crypto exchanges from its pricing calculations. Why is this important? South Korea has very high trading volumes in cryptocurrencies. In addition, the prices on the South Korean crypto exchanges are much higher than in other countries.
CoinMarketCap is probably the most popular site to get an overview of crypto prices. In addition, many automated systems also use the API of CMC. It may well be that yesterday’s correction had its origins in the CMC changes.
This shows once again that the cryptographic market is still very young, and manipulations can take place without great effort. You can think what you want about CoinMarketCap’s decision – but a warning would have been appropriate.
Ethereum and Ripple
Some traders use the crash to buy the cryptocurrencies cheaper. In Ethereum we saw very strong buying interest. The cryptocurrency is nearing its all-time high again, and should soon break through the resistance at $1225. Ripple was also able to recover at $2.00, and is now expected to start a recovery.