The market capitalization of virtual currencies (virtual assets) listed on domestic exchanges has evaporated by nearly 40% in the last 10 days.
According to the cryptocurrency exchange Upbit, the exchange's own market index (UBMI, Oct. 1, 2017 = 1,000) is 8,500.19 as of 5 am on the 22nd.
Compared to 12,231.69 on the 1st of this month, it fell 30.5%.
In particular, compared to 13,972.08 on the 9th of this month, which was the highest, it fell 39.2% in less than two weeks.
This index is calculated for all cryptocurrencies listed on the Upbit KRW trading market.
The market capitalization and market movement of all cryptocurrencies can be measured by indexing them.
In short, it means that the market capitalization of all cryptocurrencies listed on the Upbit won market has evaporated by nearly 40% this month.
Cryptocurrencies (altcoins) excluding bitcoin also showed a remarkable decrease in market capitalization.
At 5 pm on the 22nd, Upbit's altcoin index (UBAI) is 6,435.18.
It fell 25.8% from the 1st of this month (8,672.97), and it plunged 42.7% compared to the 11th of this month (11,239.64), which was a record high.
It can be seen that the altcoin market cap has disappeared by more than 40% in just 10 days.
This decline is similar to early 2018, when coin investors were'panic'.
After indexing in October 2017, UBMI soared to 6,843.89 on January 7, the following year.
However, on January 17 (3,709.76), ten days later, the 4,000 line collapsed and the market capitalization disappeared by 45.8%.
On March 17, exactly two months later, it fell to 1,888.82.
As of January 7, the market cap evaporated 72.4% in two months.
The recent bearish market unfolded as major cryptocurrencies such as bitcoin plunged at once.
On the 14th of last month, bitcoin at Upbit recorded an all-time high of 81994,000 won, and then gradually declined this month, and recently, it has fallen to 40 million won.
The market capitalization of Upbit Bitcoin was 1,198 trillion won on the 3rd of this month, but as of the 21st, it has shrunk to 88.7 trillion won.
During the same period, Ethereum, the second-largest cryptocurrency in market capitalization, also decreased in size from 386 trillion won to 380 trillion won.
In recent years, the so-called'kimchi premium' phenomenon, where the domestic market price is higher than that of overseas markets, has also become remarkable, raising concerns about the market.
On the 20th, when the bitcoin price on Upbit exceeded 52 million won on the 20th, the kimchi premium reached 20% while staying at around 42 million won on Binance.
Considering the fact that the kimchi premium exceeded 50% at the end of 2017 and early 2018, when the crash market unfolded, it is not that severe yet, but if the price plummets, it can cause damage.
(Photo = Yonhap News)