Analysis

Cryptocurrency Market Bloodbath, Bitcoin Cash Price Falls By 34%

November 20th: the cryptocurrency markets have continued to fall. The price of Bitcoin is now at a new year-low, and a myriad of other coins are also in the red. Furthermore, the total cryptocurrency market capitalization has suffered significant losses during the past week.

The cryptocurrency market as a whole is seeing major losses today. This comes following several days of other large price decreases, and the cryptocurrency board is solidly red today as well.

Reviewing the following market visualization from Coin360 is grim reading for those with substantial cryptocurrency holdings. Practically the entire cryptocurrency board is in the deep red, with many coins seeing percentage losses with double digits.

Moreover, the total cryptocurrency market capitalization is now at $146.35 billion. This represents a 15.03% drop day-over-day, and is more than a 25% reduction week-over-week.

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The trading volume has increased markedly during the last day, however, and has shot up by 43.7% to $23.76 billion. This is likely a result of investors liquidating their holdings amid the significant price fall.

Bitcoin price falls

Bitcoin is also heading down today. At the time of writing, the premier cryptocurrency has fallen by 15.03% day-over-day. This means that Bitcoin is currently trading at $4458.98, which is its lowest levels so far during this year.

The following price chart from CoinDesk shows that Bitcoin has headed down more or less consistently all day. However, it has rebounded somewhat from its intraday low of $4,200.22 – but is currently trading a far cry from its day-high of $5,216.73.

 

As always, it remains to be seen how the price of Bitcoin will continue to develop. It should, however, be noted that the cryptocurrency is now trading at levels comparable to before its rally to the $20,000 level seen last year.

Ripple still down but relatively mildly affected

Those following the cryptocurrency markets will know that Ripple recently overtook Ethereum as the second-largest cryptocurrency by market cap. Ripple is, however, down today – but its losses are comparatively small.

Ripple has currently lost 6.35% of its price, and is trading at $0.44. The following price chart from CoinDesk shows that the majority of Ripple’s intraday losses stem from one big drop.

Ethereum is also down today, just like virtually all cryptocurrencies. Ethereum has fallen by 14.01% during the day, and is now trading at $133.45. Stellar is similarly seeing losses, as its price has decreased by 13.10% to $0.196.

Today’s most adversely affected coin is without a doubt Bitcoin Cash, which has seen a price fall of 34.38% to $254.92.

Nevertheless, there are also many other coins with substantial losses. Litecoin has backed by 13.47% to $32.60 whilst Tron has lost 17.33% and trades at $0.014. EOS has seen 9.67% wiped off its price during intraday trading, falling to $3.78.

Image Source: “Flickr”

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