Tuesday, November 20, the cryptocurrency market continued the sharp decline begun on Monday, and the total market capitalization fell close to $150 billion. At the same time, the weighted average bitcoin rate on a number of exchanges fell below $4,500.
The last time the total capitalization of the cryptocurrency market was below $150 billion in early October 2017. At the time of writing, already $149,474,866,603.
Over the past 24 hours, the price of Bitcoin has fallen by more than 15%, the capitalization of the first cryptocurrency is around $80 billion. At the same time, price divergences are still observed on the exchanges: if Bitcoin was trading at around $4,650 at Bitfinex, then at Coinbase and Bitstamp – the course fell below $4,500 ($4,485 at Bitstamp).
While the rest of the cryptocurrencies are also in the deep red zone, according to the CoinMarketCap a big decline in the weighted average rate of Bitcoin Cash draws big attention. In the last 24 hours, its price dropped by 45% to $210. As a result, Bitcoin Cash dropped to fifth place in terms of capitalization, skipping ahead of Stellar. Now it is back on the fourth place with a capitalization difference of around $350 million more than Stellar.
Also note that Ripple (XRP), which has risen to second place, has already increased the capitalization difference to Ethereum (ETH) by more than $3.7 billion which earlier was more than $5 billion. At the same time, against the actions of the other assets, XRP shows the most stable dynamics, having hardly suffered as a result of the events of Monday and the beginning of Tuesday. The price of ETH, meanwhile, dropped to $ 137, having lost more than 16% in the last 24 hours.
Monero (-9.5%), Cardano (-10.5%) and Litecoin (-8.6%) among the top 10 coins also suffered great losses.
Earlier, the founder and managing partner of the venture capital firm Morgan Creek, Anthony Pompliano, said that the current bear market can be viewed as a natural process of cleansing the industry from “tourists.”