Market Bubble Bursting
The 24-hour trading value at the 14 domestic cryptocurrency exchanges that support Korean won-based trading was 25.8517 trillion won as of 11:00, May 16. The value decreased by approximately one trillion won in one day. The four major exchanges, that is, Bithumb, UPbit, Korbit and Coinone accounted for 88.2 percent of the total.
The 24-hour trading value at the four increased by 1.7578 trillion won from the previous month. However, the amount of increase dropped 81.2 percent in one month. Under the circumstances, it is said that bubbles are bursting with the market share of BTC on the decrease.
This month, the trading value at Bithumb dropped 60.9 percent from May 7 to May 15. The rate of decrease is 60.5 percent at Korbit, 55.3 percent at UPbit and 26.6 percent at Coinone.
At present, the size of the cryptocurrency market is estimated at US$2.6 trillion won or so. The market share of BTC has dropped from 70 percent to 43 percent since the beginning of this year. This is because altcoins rallied, and it has been pointed out that the rally reflects market bubbles.