It was found that the market capitalization of virtual currencies (virtual assets) listed on domestic exchanges, centering on bitcoin, has increased by nearly 10 times in the last three years.
According to the cryptocurrency exchange industry on the 16th,’Upbit”s own comprehensive market index (UBMI) recorded 9,742.62 points as of 5:45 pm on the 15th.
This is a level close to 10 times that of October 1, 2017 (1,000 points) when the index was first calculated, surpassing 10,000 points for the first time on the 13th, and at one time rose to 10,291.44 points. In other words, the market capitalization of all cryptocurrencies listed on the Upbit won market has increased 10 times in about 3 years and 5 months.
This index is calculated for all cryptocurrencies listed on the Upbit KRW trading market, and allows you to understand the market cap changes and market movements of all cryptocurrencies by indexing them.
An official of Upbit analyzed that “according to the UBMI calculation method, the market cap of the entire cryptocurrency and the price can be seen to have risen to the same level.”
On the other hand, the bitcoin price (based on the closing price) at Upbit increased from 4962,000 won on October 1, 2017 to 66777,000 won on the 15th. However, it can be seen that the cryptocurrency market has grown rapidly even when looking at the exception of Bitcoin, which has the largest market capitalization.
The’Altcoin’ (UBAI) index, which means all cryptocurrencies excluding Bitcoin, rose from 1,000 points on October 1, 2017 to 4,753.26 on the 15th at 6pm on Upbit.
Another exchange, Bithumb, also showed a similar trend. Bithumb’s own comprehensive market index, BMTI, was 5,655.52 at the same time. This is a 465.6% increase from the first calculation date, July 1, 2018 (1,000 points). In addition, Bithumb’s altcoin index (BTAI) has more than doubled from 1,000 points to 2,476.95 points over the same period.
Since the types and prices of listed cryptocurrencies are different for each exchange, and the timing of calculation of the Upbit and Bithumb indices is also different, the index difference according to the fluctuations in the assets of each exchange appears.
An exchange official interpreted, “It shows that investors’ interest in cryptocurrency has grown very much over the past three years, and transactions have increased significantly.”