Market Update: Cryptocurrency Prices Fall Rapidly, Bitcoin Loses $ 2K, Correction Considered Healthy

The price of bitcoin and a large number of digital assets plummeted in value during the morning trading sessions on November 26, 2020. The price of Bitcoin fell from a high of $ 19,319 on Wednesday night and then lost over $ 2,000 during the hours morning (EST) Thursday morning.

  • On Thursday, November 26, 2020, the cryptocurrency markets lost tremendous value. The entire market capitalization of all 7,700+ digital assets has lost more than 5% in value and remains just under $ 500 billion. ($ 498 billion)
  • BTC prices hit a high Wednesday night at $ 19,319 per unit and slid to a low of $ 16,870 during Thursday’s morning trading sessions. The price has risen from Thursday’s low and so far BTC has lost 10.9% in USD. The price of BTC is currently trading for $ 17,277 per unit.
  • Out of exactly 7,784 cryptocurrencies worldwide in 33,471 markets, there is approximately $ 291 billion in global trading volume. Of the entire crypto economy, the Bitcoin Dominance Index is hovering around 62% on Thursday, down 2.5% from its recent price high.
Market Update: Cryptocurrency Prices Fall Rapidly, Bitcoin Loses $ 2K, Correction Considered Healthy
The prices in this screenshot were recorded at approximately 9:00 am Eastern Time on November 26, 2020.
  • The second largest crypto-asset ethereum (ETH) has lost over 12% so far and each ether is trading for $ 522 per coin. Ethereum has a market capitalization of around $ 59 billion at the time of publication.
  • Significant drops in cryptocurrency values ​​across a myriad of markets are not unusual on November 26, as they have occurred annually for the past three consecutive years.
  • The XRP cryptocurrency has lost over 21.18% so far and the asset is currently trading for $ 0.53 for XRP. However, over the past seven days, XRP prices have skyrocketed and are still up 78% in the past week.
  • The fifth largest cryptocurrency valuation in the market is held by the bitcoin cash (BCH) markets as each BCH is traded for $ 278 per coin. Bitcoin cash has lost considerable value by losing 18.5% in the past 24 hours. At the time of publication, Thursday bitcoin cash (BCH) has a combined market capitalization of $ 5.18 billion.
  • Co-founder of Definer, the defi network for digital loans, savings and payments, Chyna Qu explained this week that cryptocurrency use cases continue to strengthen. “The real price indicator is the technology behind Bitcoin and the use cases are constantly growing. We expect bitcoin to peak at around $ 40,000 later this year.”
  • While most people were shocked by the recent crypto-economy dumping, a number of people said the correction was due several days ago. “This retreat is healthy,” Heidi Chakos (@blockchainchick) tweeted on Thursday.
Market Update: Cryptocurrency Prices Fall Rapidly, Bitcoin Loses $ 2K, Correction Considered Healthy
At around 10:00 (EST) on Thursday morning, bitcoin (BTC) prices fell back to $ 16,318.
  • An hour later, at around 10:00 Eastern Standard Time, bitcoin (BTC) fell below the $ 17k range to $ 16,318. BTC has lost another 2.2% since this market update was released at 9am on Thursday.

Check out all the cryptocurrency price action today in real time by leveraging markets.Bitcoin.com for the latest values ​​on your favorite digital assets.

What do you think of the recent crypto economy correction? Let us know what you think about this topic in the comments section below.

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