7 rivals to give Bitcoin a run for its money in 2018

7 rivals to give Bitcoin a run for its money in 2018

All the top 10 cryptocurrencies were showing drops of anywhere from 1.8% to 22% on the website earlier this morning.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%. Yesterday, the cryptocurrency index took to its Twitter platform to announce that it has excluded three Korean exchanges - Bithumb, Coinone, and Korbit from their averages "due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity". Many investors probably believe that this was the long-predicted bubble burst.

Earlier today, Choi Jong-ku, the chairman of the Financial Service Commission, held an emergency briefing to clarify the government's stance on cryptocurrency, during which he said a joint investigation with the Korea Financial Intelligence Unit was launched into six banks where cryptocurrency has been exchanged. Prices continued to drop in what could have been fear-induced sell offs, before the crypto universe's market cap bottomed out at $668.7 billion.

Cryptocurrencies were taking a beating on Monday amid concerns over an increase in global regulations, particularly in China and South Korea. This was reportedly the trigger for the website's sudden move. Just four days ago, Ripple had fallen by more than 25% after Coinbase, a cryptocurrency exchange, squashed rumours about integrating it. The total market cap for cryptocurrencies was $726.7 billion at midday Monday.

Following the surprise announcement, prices of most virtual currencies tumbled globally, with the most popular Bitcoin tumbling to a one-week low below US$14,000 in the US.

Apart from the heartburn caused, the recent panic underscores the inherent instability of the crypto market.