It was found that the market capitalization of other cryptocurrencies other than Bitcoin, namely altcoins, on domestic exchanges increased by nearly five times this year alone.
It can be seen that this is the result of investment interest in altcoins with greater volatility while Bitcoin, the boss, led the market with repeated high price marches.
According to the cryptocurrency exchange industry, Upbit's own altcoin index (UBAI) is 8,960.54 as of the 16th.
On the 17th, it was once over 9,000.
As of the 16th, UBAI has increased by 5.25 times from December 31st last year (1,707.52).
This index is calculated for the remaining cryptocurrencies listed on the upbit won exchange market, minus bitcoin.
Market capitalization and market movements of the cryptocurrencies can be measured by indexing them.
In short, it means that the market cap of altcoins has increased fivefold compared to December 31 of last year.
Ethereum's price (based on the closing price), which accounts for 41.35% of the cryptocurrencies that make up UBAI, jumped 285.4% from 815,000 won on December 31 last year to 3141,000 won on the 16th of this month.
In the case of Doge Coin, the fifth largest (5.65%) in UBAI, it was 65 won on the day of listing, but rose 618.5% to 467 won on the 16th of this month.
Tesla's CEO Elon Musk said that Dogecoin, which raised the ransom money, surpassed the KOSPI for 24 hours on the 17th, exceeding KRW 17 trillion.
In Bithumb, which calculates indices in a similar way, altcoins have advanced this year.
Bithumb's altcoin index (BTAI) was 899 on December 31 of last year, but increased 4.69 times to 4,218 on the 16th of this month.
In Bithumb, it means that altcoin's market capitalization has increased about 5 times this year.
The Ethereum price, which accounts for the largest share (41.67%) in BTAI, has reached 3129,000 won on the 16th of this month from 814,000 won at the end of last year.
The increase rate is 284.2%.
Ripple, the next largest proportion (10.78%), surged 764.3% in price from 238 won to 2,57 won in the same period.