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Thursday, November 15: yesterday's crypto markets crash continues today, with Bitcoin (BTC) falling below $ 5,400 and the total market capitalization drops to $ 174 billion, according to CoinMarketCap data.
After a long period of low price volatility, the crypto markets fell sharply yesterday, November 14, with the Bitcoin losing from its average trading price of about $ 6.400 to a minimum of $ 5.506.
The recent dive marked a new record of volatility for the markets of this year. According to the Bitcoin Daily historical volatility index of BitMex, the bitcoin volatility rate has exceeded the index of seven for the first time since April of this year.
Bitcoin Daily BitMex historical volatility index. Source: BitMEX
While the top 20 cryptocurrencies for market capitalization are seeing more losses with some coins declining by almost five percent in the day, the main virtual currency Ripple (XRP) has once again passed Ethereum (ETH) as the second cryptocurrency in terms of market capitalization at the time of printing. according to CoinMarketCap.
Market display from Coin360
Bitcoin continues its downward trend today, with its price falling to $ 5.358. At the time of printing, the largest cryptocurrency fell about 4% and traded at $ 5,589. In terms of 7-day prospects, Bitcoin is down almost 14%.
Bitcoin 24-hour price chart. Source: CoinMarketCap
In contrast, Ripple managed to see some gains at the time of printing. The XRP rose 2.2% and traded at $ 0.464 at the time of printing. After seeing his intra-day low of $ 0.43, Ripple continued to maintain a relatively stable support of around $ 0.45 during the day.
24-hour price graph ripple. Source: CoinMarketCap
Ethereum, the third top market capitalization currency, fell below $ 180 and dropped to a low of $ 170 before today. The altcoin is down about 3.35 percent at the time of printing, and trading at $ 177.95. Ethereum has seen big losses in the last 7 days, almost 17%.
Price chart of Ethereum. Source: CoinMarketCap
The total market capitalization has dropped even today, dropping below $ 180 billion. At the time of the press, market capitalization was $ 183.5 billion, with a slight rebound compared to $ 174 billion the previous day. At the time of printing, the daily trading volume amounted to over $ 22.3 billion. The total number of cryptocurrencies listed on CoinMarketCap fell to 2,080.
Weekly chart of total market capitalization. Source: CoinMarketCap
Meltem Demirors, Chief Strategic Officer (CSO) of CoinShares, a company that encrypts the stock market, subsequently commented on the recent break, arguing that the downside market cause is that institutions are "taking money off the table" because of the hard fork of Bitcoin Cash (BCH). With this, Bitcoin Cash is suffering the biggest losses in 7 days, almost 30% from the time of printing, and is trading at $ 420.
Bitcoin Cash's bitcoin forex is scheduled for today, November 15th. Yesterday, OKEx announced early delivery of BCH futures contracts to avoid market manipulation and prevent the encrypted market from being immense, but expecting "short-term" volatility.
The Fundstrat Global Advisors analyst Rob Sluymer predicted that to repair the "technical damage" caused by the recent collapse of Bitcoin will take "weeks, if not months".
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