Saturday, November 23: cryptographic markets saw some volatility during the day, but failed to keep a strong rebound attempt. The top 20 cryptocurrencies for market capitalization are seeing their prices stabilize after another sale yesterday, according to CoinMarketCap.
At the time of printing, the top 20 cryptography markets are seeing a mix of red and green, with most of the gains fluctuating around 1-2%.
Market display from Coin360
Bitcoin Gold (BTG), in 20th place by market capitalization, recorded the highest growth of the day, with peaks of around 10% in the last 24 hours. At press time, the altcoin is trading at around $ 20.70.
At the beginning of September of this year, Bitcoin Gold was canceled by the major cryptocurrency Bittrex, following a $ 18 million hack of the BTG network in May. Bitcoin Gold's "double-spending" hacking vulnerability has allowed hijackers to take control of over 51 percent of BTG's hashrate.
Bitcoin (BTC) fell slightly by about 1% during the day and traded around $ 4,225 at the time of printing. At the start of the day, the main cryptocurrency reached the level of $ 4,413, but failed to keep the tendency to rebound and fell to its minimum of 24 hours at the time of printing.
Bitcoin has been down nearly 24 percent in the last 7 days.
Bitcoin 24-hour price chart. Source: CoinMarketCap
Ripple (XRP), which retains its place as the second cryptocurrency by market capitalization after the substitution of Ethereum (ETH), is also slightly down by around 1 percent per day for printing.
Ethereum is seeing even less movement in the day, down by only 0.23 percent and trading at $ 120.69 at the time of printing.
The total market capitalization of all cryptocurrencies is about $ 136.3 billion at the time of printing, down from this week's $ 187 billion high. The daily trading volume is just under $ 12 billion, while the Bitcoin domain on the market accounts for around 53.9%.
7-day chart of total market capitalization. Source: CoinMarketCap
Ran Neuner, the guest of the CNBC CryptoTrader show, has commented on the shaky market situation on Twitter today, claiming that trying to speculate in crypto is not the real purpose of the industry:
"Bear markets shake weak hands, those only here for money, those who try to trade with the dollar and those who seek to profit without building or adding value Look around, you can see who will be around when it's done and Who does not, if you want to survive this, build something, add value. "
Recently, Stephen Innes, head of trading at the Singapore-based capital market service OANDA Asia Pacific, predicted that gold prices "will rise significantly and there is an inverse relationship that we are starting to see with gold and coins ", while Bitcoin could fall from $ 2500 by January 2019.
Cryptic analyst Joseph Young later reacted to the Innes claim on Twitter, emphasizing that gold has seen a 33% decline since 2011, "from $ 1,800 to $ 1,200", while "Bitcoin has increased by 13,900%, from $ 30 to $ 4,200" in the same time frame.
Today, Anthony Pompliano, founder and partner of Morgan Creek Digital Assets, tweeted in fact, traditional goods are "beating", in line with the recent collapse of the crypto markets. The expert pointed out that oil drops 30 percent in 7 weeks, while Facebook, Apple, Amazon, Netflix and Google ("FAANG") are down 20-40 percent compared to historical highs and Dow Jones Industrial Average (DOW Jones) had its "worst Thanksgiving week since 2011."
In an interview with CNBC on November 23, Michael Moro, CEO of the cryptocurrency trading companies Genesis Trading and Genesis Capital Trading, said that the price of Bitcoin could fall to $ 3,000, stating: "You will not really find [the floor] until you hit the 3K-flat level. "