After investors jubilated over an uptrend of the cryptocurrency market, little did they know that their joy would be short-lived. Indeed, this is particularly worrisome given that some of them are anticipating a Yuletide market rally. Beyond a shadow of a doubt, the digital currency market surge was a mere flash in the pan. But one may now ask, “What cut short the cryptocurrency investors’ excitement?” Well, that’s a question for another topic entirely. Instead, let’s quickly see how it all went down.
November 13th & 14th Performance
Yesterday, performances of some leading cryptocurrencies by market cap crept into the red after seeing some growth a day before, November 12th. That day, market trailblazer Bitcoin (BTC) dropped by 10%, shattering hopes of a possible market rally. Today, BTC is currently down 2.69% at publishing over the previous 24 hours.
Much as one cannot completely rule out a market rally, it dashed many investors’ hopes that it is not happening quicker than they had expected. After the current price dip, BTC is trading at $6,192.10 USD.
Altcoins Follow Market Downturn
With altcoins queuing up to go southwards, Ethereum (ETH) price plummeted. Despite shedding some digits, the second-largest cryptocurrency nonetheless remained stable until the past 7 hours. At press time, ETH fluctuates between $194 USD and $194 USD. By and large, ETH dropped by over 8% over the past 24 hours total. Taking a broader look at its weekly performance, ETH dropped by 4%.
As the downtrend ripple spreads across the board, XRP jumped on the bandwagon, experiencing even much worse fluctuations. Today, XRP is down by over 8%, trading at $0.4725 USD. While XRP struggles to regain lost grounds, its management faces a class action lawsuit. If you recall, an XRP investor filed a class action lawsuit against the cryptocurrency team, saying that it is not a security token, among other claims.
The Positive Narratives
With regard to Bitcoin Cash (BCH), it showed some upward price movement, going up by 1.23% on Tuesday. Though, it is also getting slammed today as it is down nearly 10% and $40 USD over the past 24 hours.
Similarly, NEM (XEM) took the path of BCH, going northwards and now following south. With a total MCAP of $892M USD, NEM is now also down over 10% after a strong valuation run from November 12th to the 13th.
On the other hand, IOTA (MIOTA) is only down roughly 7%, trading at $0.4577 USD on Wednesday. The potentially positive sign news that electronic company Bosch has partnered with IOTA does not appear to be strong enough to prop MIOTA up in a see of red. According to reports, the alliance would see electronic giant integrate the Internet of Things (IoT) device for data collection onto the IOTA Data Marketplace.
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