More Than Quintuples This Year
The market cap of altcoins is skyrocketing in South Korea. Specifically, it has more than quintupled since the beginning of this year.
The UPbit Altcoin Index (UBAI) reached 8,960.54 on April 16 and topped 9,000 on April 17. From Dec. 31 last year to April 16, the UBAI jumped by a factor of 5.25 from 1,707.52. In other words, the altcoin market cap increased by a factor of 5.25 from the end of last year to April 16.
The price of ETH, which accounts for 41.35 percent of the UBAI, jumped from 815,100 won to 3,141,000 won in that period. The price of DOGE, which accounts for 5.65 percent of the index, started at 65 won and reached 467 won on April 16. The next day, the daily DOGE trading volume exceeded 17 trillion won to surpass the KOSPI trading volume.
Likewise, the Bithumb Altcoin Index (BTAI) rose from 899 to 4,218 from Dec. 31 to April 16. In this index, ETH accounts for 41.67 percent of the total and its price rose from 814,500 won to 3,129,000 won. XRP, which accounts for 10.78 percent, soared 764.3 percent from 238 won to 2,057 won.