Wednesday, November 21: It seems that the recent decline in the markets has slowed down, with almost all the top 20 cryptocurrencies that have seen the green today.
Market display from Coin360
Bitcoin losses (BTC) yesterday totaled more than 15 percent, although the currency managed to rebound in the green today, up 3.12 percent on the day and trading at around $ 4,499 at the time of the press. The main cryptocurrency fell more than 21 percent on its weekly chart.
Yesterday, Tom Crypto Bull of Wall Street, Tom Lee, reiterated his year-end price forecast of $ 15,000 for the recently reduced Bitcoin despite the recent market crash. While remaining confident in an end-of-year rally, Lee admitted that the markets "certainly" witnessed a "negative development", which signals a "disadvantage of the moment".
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
The second largest cryptocurrency by market capitalization, Ripple (XRP), increased by 0.80 percent in the last 24 hours and traded at $ 0.439. Altcoin's market capitalization is about $ 17.8 billion, while its weekly high is around $ 20.8 billion on November 18, according to CoinMarketCap.
Chart of daily prices XRP. Source: CoinMarketCap
Ethereum (ETH) rises 2.19% per day and trades at $ 134.46 at the time of printing. The lowest price of the coin on the day was $ 126.30.
Ethereum 7-day price table. Source: Cointelegraph Ethereum Price Index
Bitcoin Cash (BCH) is down among the top twenty coins this week, having lost over 40% in seven days. On the day, the currency gained a modest 2.67%, trading at $ 231.97 at the time of printing.
Among the top 20 cryptocurrencies, only Zcash (XEC) and Tezos (XTZ) are in red, down 0.36 and 3.79% of the day, respectively, according to CoinMarketCap.
The total market capitalization of all cryptocurrencies is about $ 148.5 billion, while its weekly maximum is around $ 189 billion on November 15th. At the time of the press, the daily trading volume amounted to almost $ 18 billion, while the number of cryptocurrencies listed on CoinMarketCap decreased to 2,071.
7-day chart of total market capitalization. Source: CoinMarketCap
Earlier today, Cointelegraph reported that the recent collapse of the cryptocurrency market has eased pressure on the UK financial regulator to introduce new hasty rules for the sector. Gillian Dorner, Deputy Director of Financial Services at the British Ministry of Finance, said "we want to take the time to examine it more thoroughly and take a proportionate approach".
Reportedly, the British regulators analyze over 2,000 cryptographic assets to see if they can be regulated according to existing rules before assessing whether the reform might be necessary.
Even today, Spencer Bogart, partner of Blockchain Capital, a venture capital company, said that the encryption opportunities are "still gigantic" despite the current bear market, underlining the crucial role of "programmable money", which should reach even more popularity over time.