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Korean Exchange is too crazy? Stubborn CoinMarketCap kicked it out directly

It's a challenging task to keep up with the fast pace of cryptocurrency and its price volatility. These challenges can be more complicated when you no longer find a consistent price and data statistics for making informed trading decisions.

Just after the cryptocurrency frenzy over the weekend - boosted the total market value of cryptocurrencies to more than $ 800bn and instructed several exchanges to close new user registrations, CoinMarketCap , the well-known cryptocurrency data analysis website, arbitrarily decided not to use data from the Korea Exchange .

Price chaos

Most media and cryptocurrency traders are now using CoinMarketCap data and charts that are being viewed as a source of sign. The site provides real-time trading rates and a wealth of statistics for each digital asset and cryptocurrency exchange. The site's cryptocurrency prices have plummeted after the website decided to exclude Bithumb, the world's second-largest exchange, from trading volume, triggering a wave of panic selling. Other South Korean exchanges were also removed by the site, including Coinone and Korbit.

XRP, which previously had the second most cryptocurrency rankings, appears to have been the hardest hit since South Korea is dominated by the majority of XRP transactions, just minutes after CoinMarketCap began to remove the Korea exchange data Plunged 16%. This decline also indirectly helped Ethereum regain the market leaderboard second. David Schwartz, Rebo's chief cryptographer, clarified the reason for the decline through Twitter:

CoinMarketCap's decision to remove the price of South Korea from the XRP display price created the illusion of a price drop that could trigger a panicked sell-off. Please carefully observe the data, do not be misled.

Other optional data analysis methods

Of course, we also have other data analysis sites available, although it is unclear whether these sites receive data directly from various exchanges or indirectly through CoinMarketCap. For example, shows the same prices and charts as CoinMarketCap. On the other hand, still seems to be using the Korean exchange because the website shows a total market value of cryptocurrencies of about $ 35 billion more than what CoinMarketCap currently shows.

South Korea's high demand for some cryptocurrencies may explain this price differential. Although the prices of Korean exchanges are generally higher than those of other regions, it is still puzzling why a data analysis website suddenly and without warning eliminated a market that accounts for 20% of the world's cryptocurrency transactions.