Ethereum hits a new record high - while bitcoin and Ripple's XRP slide

A man walks past the Bitcoin ATMs in Hong Kong Thursday Dec. 21 2017. Bitcoin is the world's most popular virtual currency. Such currencies are not tied to a bank or government and allow users to spend money anonymously. They are basically lines of com

The price of Ripple, the third-largest virtual currency, fell as much as 20 percent on Wednesday.

While the execution left something to be wanted, the exclusion of South Korean markets seemed logically sound to some cryptocurrency watchers, including Ripple Chief Cryptographer David Schwartz.

"We excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity", Coinmarketcap wrote on Twitter.

For cryptocurrency investors who don't know where to start, here's a brief overview of 12 of the most popular alternatives to bitcoin that could be in for huge years in 2018. The market cap was hovering around $30 billion then. For example, Bitcoin is trading in South Korea is at a 70 percent premium over global rates.

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Even for cryptocurrencies where South Korean investors account for the largest trading volumes, such as Zcash, there has been on the bounce this morning, which supports the view that the currencies may have been oversold on Monday. This anonymity, however, allows for cryptocurrencies to be used for transactions by criminals, which has provoked discussions around the world about how a government could possible regulate the market.

Cryptocurrencies were taking a beating on Monday amid concerns over an increase in worldwide regulations, particularly in China and South Korea. "Look closely at the data and don't be mislead". This makes it impossible to value using conventional metrics and therefore could be worthless, or may rise to $5 per Ripple coin in the future.

One of the Ripple founders, Chris Larsen, had briefly overtaken Facebook founder Mark Zuckerberg's wealth last week, but Mr Larsen's wealth has plummeted significantly since. In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent.

"You can look at it two ways and say Coinmarketcap taking Korean prices out of their averages makes the performance of bitcoin and cryptos look worse than they otherwise would, [but] the flip side is that in the past they weren't reporting them accurately".