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Saturday, November 17: cryptographic markets recorded a slight decline, with losses in the top 20 coins by market capitalization which reached 4% in the last 24 hours.
In contrast, Ripple (XRP), which is still strong as the second currency by market capitalization, continues to see sufficient gains at the time of printing, according to Coin360 data.
Market display from Coin360
After seeing a small rebound yesterday, the biggest bitcoin cryptocurrency (BTC) has fallen slightly over the last 24 hours. At the time of printing, Bitcoin is down less than 1 percent of the day and trades at $ 5,560. The main cryptocurrency saw some volatility during the day, with its price down to $ 5,490, while its intraday high reached $ 5,616.
According to Bloomberg Intelligence, the Bloomberg Intelligence division, the "drama" of the cryptocurrency market has "just begun", with analysts predicting that the price of Bitcoin would further reduce to $ 1,500. Such a decline would mean a 70% drop compared to current market levels, while Bitcoin has already lost more than 60% of its value in the course of the year.
Bitcoin 7-day price chart. Source: Cointelegraph & # 39; s Bitcoin price index
Ripple, which outperformed Ethereum (ETH) in terms of market share Thursday, November 15, continues to hold its place as top altcoin, with a market capitalization of $ 19.9 billion, while the market capitalization of Ethereum amounts to about $ 18 billion from the press time.
Ripple is also the leader in terms of daily performance, with its price up nearly 6 percent to trade around $ 0.49 at the time of printing. The currency is, however, still well below its price point of $ 0.52 before the market crash on November 14th.
7 days price chart ripple. Source: CoinMarketCap
Ethereum was suspended above the price of $ 170 during the day, a slight decline in the last 24 hours and trading at $ 173 per hour of print.
The total market capitalization of all cryptocurrencies has increased slightly, recovering from Wednesday's fall and fluctuating around $ 183 billion. Daily trading volume continued to decline, currently amounting to $ 13.5 billion after reaching $ 25 billion on November 15th.
Graph of total market capitalization. Source: CoinMarketCap
Recently, CoinShares CSO Meltem Demirors argued that one of the reasons the market has seen this week's volatility was that the institutions are "taking money off the table" in anticipation of the recent fork of Bitcoin Cash (BCH). Other industry experts have agreed that the fork is causing uncertainty in the markets.
The Bitcoin bitcoin forex occurred on November 15th, the day after the cryptographic markets suffered a significant decline. The update of the BCH network has caused multiple suspensions of trading and withdrawals of Bitcoin Cash through global exchanges.
The protocol update has divided Bitcoin Cash supporters into two groups that do not agree on how to update the network – Bitcoin ABC and Bitcoin SV. According to the statistics website supported by the BCH community, Coin.Dance, Bitcoin ABC is currently slightly ahead of SV in terms of hashrate and proofs of working time.
Bitcoin Cash is experiencing some of the biggest losses in the top 20 coins at the time of printing, down 4.29% and trading around $ 385 at the time of printing, according to CoinMarketCap.
In a note to customers yesterday, November 16th, the Wall Street analyst and the cryptocurrency bull Tom Lee cut the target price of almost half of the Bitcoin by the end of the year, reducing it from $ 25,000 to $ 15,000.
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