The cryptocurrency trade market over the last week has lost at around 20% – 22% of its total market capitalization. The Bear Attack on November 14th had already caused the major cryptocurrencies to lose a great a chunk of their market cap. Traders were expecting the market to gain some momentum over the week, but that seems to be a far-fetched dream.
Bitcoin (BTC) which held its position at around $6,000 to $6,600 mark for the whole year, reached a yearly low of $5,500 mark on 14th November. The cause of that dip was estimated to be the Bitcoin Cash hard fork. It gained some momentum after the Fork on 15th and continued to maintain the resistance level of $5,500. However, on 19th the Bear again prevailed over the Bulls and bitcoin broke the lower threshold of $5000. Last we checked it was trading at $4,651.
Not only bitcoin, but most of the cryptocurrencies including Ethereum, Litecoin, Bitcoin Cash, EOS experienced the Bull effect and fell in access of 12% over the last 24 hours. The only exception being XRP which lost its value by 5%. It even attained a 10-month high for BTC-XRP trading.
Let us look at how different cryptocurrencies faired after another Bear attack led to huge losses.
Bitcoin after falling to a yearly low of $5,500 on 14th November, tried its best to break into the safe zone of $6,000. However, on 19th November it suffered another 10% fall and went below the Resistance level of $5,000. The market cap of BTC reduced by almost 21% within a week and lost a total of $6 Billion in volume.
Ripple was the only crypto token which did not fall prey to a free-fall and lost a total of 2% in market capitalization over the last 24 hours. It is currently trading at around $0.4880, with the second highest market capitalization of $48.7 Billion. It replaced the Ethereum on November 15 to gain the spot.
Ethereum was one of the worst affected by the Bear last night and lost almost 13% of its value over the previous 24 hours. On Nov 15 it also lost its second spot to Ripple regarding Market capitalization. Last we checked it was trading at around $139 well below the resistance level of $160. The ETH has lost a total of 27% of its market capitalization in last week itself.
Bitcoin Cash (BCH)
Bitcoin Cash whose fork was believed to be the cause of decline on November 15, has also fallen well below the resistance level of $250 for BCH-ABC and below the $100 for BCH SV. On 16th November BCH ABC was touching the $350 mark while BCH SV was moving around $100 mark.
The cause of the steep decline over the last week has been puzzling the traders as they expected to gain some stability after the November 15 Hard Fork, but again it tumbled on 19th November. Experts are hoping to stop the bleeding soon, and expect the traders to show some solidarity and confidence to avoid further decline.
Is There a Price Manipulation Going Behind the Curtains?
There have been rumors going around on social media platforms that the enormous losses incurred by crypto markets in the last two weeks could be a price manipulation stint. Someone with a considerable amount of cryptocurrencies is putting it on the market and selling it to bring the prices down so that it could be bought at a much lower rate.
Whatever might be the case, traders are hoping the downfall stops, so that preventive measures could be taken to stabilize the market. Another ray of hope for people with vested interest in the crypto world could be the last quarter of 2017, where the cryptomarket fell sharply just like the case in hand, before picking up to reach the highest level of $20.000.
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