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The market continues on a downward spiral; $45 billion evaporates from aggregate cryptocurrency market capitalization. Bitcoin hits a year-long all-time low of $5000. All cryptocurrencies deep in the red, with XRP as an outlier.
Over the last two months, the market has been relatively peaceful, with primarily sideways movement with Bitcoin hovering at $6300-$6600.
This week, there have been two major cliffs. One on Nov. 14 and another on Nov. 18, bringing the price down from $6300 to a year all-time-low of $5000.
There have been rumors on Reddit and Twitter that these sudden drops could be indicative of a whale or other large token holder participating in price manipulation. It has been mentioned that this may be done with the intention to later “scoop up cheap Bitcoin.”
Over the last seven days, Bitcoin has dropped from $6400 to $5000, a decrease of 22 percent. Overall, the market has fallen from an aggregate market capitalization of $213 billion to $167 billion.
Following the downward trend of BTC, most major cryptos including Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), EOS (EOS), and Litecoin (LTC) have experienced losses between 15-35 percent.
XRP stands as a notable outlier, only sustaining a 5 percent loss in value. The cryptocurrency has held up incredibly well, reaching a 10-month high exchange rate between the BTC-XRP pair.
Bitcoin, currently ranked #1 by market cap, is down 9.17% over the past 24 hours. BTC has a market cap of $88.71B with a 24 hour volume of $6.1B.
Chart by CryptoCompare
Bitcoin is down 9.17% over the past 24 hours.
Cover Photo by Javardh on Unsplash
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.
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