By Nina Kikava - News - 1 month ago

Another Breakdown For Cryptocurrencies

It has been a tough week for cryptocurrency market as it has seen a dramatic breakdown for the past few days. Despite the fact that on November 18, Bitcoin tried to crawl back up in the green zone, on Monday it fell down below $5,000 and together with Bitcoin, some of the other top 20 coins began to fall down as well.

The largest cryptocurrency Bitcoin is down with the 10% and for now, it is traded at $4,670 at the press time. If we look at the weekly chart, we can see that this major crypto has lost about 21.37%.

According to last week’s events, Ripple now is the second largest cryptocurrency on the market. This is a result of Ripple staying more stable that Ethereum for the past week when the market was crashing. For now, Ripple has seen the downfall in the amount of 2% and it is trading at $0.483 at the press time. Ripple’s market cap is around $20 billion, while Ethereum is over $15.8.

Ethereum, the third largest cryptocurrency on the market, has seen the most loss of them all. It has been down for over 13% over the past 24 hours. It is trading at around $140. Overall, for the past week, Ethereum has seen the loss in the amount of 27%.

Total market capitalization of all the cryptocurrencies together has fallen down to $164 billion and it is the lowest point that it has reached for the past week. Daily trade volume is $19.6 billion.

As BNG reported on November 16, a lot of experts in this industry predicted this kind of volatility on the market, they also suggested that the bear market will last beyond this year. There is also a prediction that Bitcoin will not be able to go up to $10,000 this year, but also that reverse of the trend will happen in Q2 2019.