Crypto Market Recap: 15, November 2018
It would have been exciting if it didn’t mean a massive loss of wealth and represented a defeat for so many regular traders and cryptocurrency investors. The past day has been a brutal day as many started calling it the Black Wednesday. Everywhere you look at the entire cryptocurrency board, coins and tokens were severely beaten and bloodied. The two months of stability was not able to prevent the largest selloff of the year.
In less than 24 hours, the market capitalization has lost $25 Billion as it fell to $180.9 Billion. This is the first time the market cap has fallen to this level since October 2017. The trade volume increased to $24 Billion but on the sell side. The Bitcoin dominance is at 52.9%.
After an attempt to clear $6500 for the past days, Bitcoin deep dived to $5584 (Binance) before recovering to $5601 at the time of this writing. It lost $700 starting Wednesday and continued unabated till Thursday. It smashed every support from $6300, $6200, $6000, and even the fabled $5800, and hitting the yearly low towards $5300. The market cap of the biggest cryptocurrency dropped below $100 B for the first time in more than a year. Bitcoin has lost -12.61% on the day.
As mentioned, Bitcoin failed to find support at $6000. Neither did the former support at $5800 help to stop the slide. The fall found bearing around $5500 but further break down had it test $5300. There was a rebound with the buyers putting in their best effort to dust their shows and pushed the price above $5600. However, Bitcoin is currently locked within a narrow range with a short-term support at $5500.
Ethereum was smashed losing -13.49% on the day and falling to $178.30. It has lost its place on the market capitalization with a market cap of $18 Billion -dropping to the third against XRP. However, the battle for the second place with Ripple’s XRP is still in full swing, which means that the situation may change any time. The Ethereum price went as low as $170.81 yesterday which is the lowest level since September 12. The volume is getting heavier at $3 Billion from Monday’s $1.4 Billion but on the other side. The next critical support is at $167.50 (September 12 low). If we reach this low, the loss might go as low as $140.
The remainder of the Top 10 is fighting for their life, with double-digit losses all the way down to Monero on the 10th place. Monero is the biggest loser at the time of this writing, dumping -15.68% on the day and exchanging hands at $86.86. Cardano has lost -15.42% taking the price to $0.060. Both Litecoin and EOS lost 13%. Both Bitcoin Cash and Stellar are at 10% with only XRP, rising to the second place, under 10% loss.
The Top 25 has had an equally devastating day. Maker lost -19.82% taking the price to $546.44. IOTA has lost -17.22% on the day bringing the price down to $0.402. Ethereum Classic is at $7.54 with a loss of -16.69%. Zcash and VeChain both have lost 5% on the day. The rest also have double-digit losses except Bitcoin Gold, escaping by the skin in its teeth at -7.80%.
Down the Top 100 list, an unknown coin called Nasdacoin has surged 297.90% on the day. Definitely an aberration of the day. The dumps is a long list with the usual visitors on the pump and dump getting bigger hits than usual. Above 20% loss, we have IOST, Ark, HyperCash, aelf, Ravencon, Stratis and Aion. Making it to 19% losses are Waltonchain, MaidSafeCoin, Loopring, Dropil, Nexo, Zilliqa, Verge, and Lisk. Only the stablecoins are in the green at the moment, some even making it over their dollar pegs.
Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Thursday!
Originally published at dna.coinve.st on November 15, 2018.
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