Over the past 48 hours, since November 7, the cryptocurrency market has lost $ 6 billion. The collapse began on November 5, but the maximum decrease in capitalization was observed on November 7-9. The total capitalization of crypto-coins dropped from $ 220 to $ 214 billion, while the Bitcoin rate remained relatively stable, and investor sentiment was positive.
On November 4, the main crypto-coins, including Ripple (XRP), Ethereum (ETH), Stellar (XLM) and Cardano (ADA), recorded a significant drop in the range from 5 to 30 percent.
Due to the previous fall of Bitcoin falling, many small-sized tokens on the cryptocurrency market recorded a decrease in capitalization by 2.7%. But, if we take into account the monthly basis, then from mid-October the digital money market has grown by more than 16 billion dollars: from 198 billion to 214 billion dollars.
Since October 15, crypto-coins have increased in volume to $ 22 billion. This is estimated as an increase of more than 11%. A slight correction was expected after a significant increase of 11 percent during the 30-day period.
Despite a 2.7% decline in market value, the volume of core crypto-assets remains relatively high. At the beginning of October, the daily tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volume of BTC fluctuated at about $ 3.2 billion.
As of November 9, the daily trading volume of BTC remains above $ 4.5 billion, which is 40% higher than in the last three weeks. The noticeable surge in trading activity of BTC and other major crypto-assets, such as Bitcoin and Ethereum, is due to a general increase in the “positiveness” of the trends of medium-term growth in the market.
"Many traders believe that the Bakkt Bitcoin futures market acts as the main catalyst for the next BTC rally. Since, unlike other futures trading platforms, Bakkt delivers BTC to future owners. Consequently, institutional investors can actually influence the price of BTC in a positive way" – as reported by CCN on November 8th.
While the general sentiment towards BTC and main cryptocurrencies is quite positive, the recent suppression of the decentralized EtherDelta crypto-exchanger led investors to make more cautious investments in new tokens.
On November 7, the CCN news service reported that some tokens may suffer a financial "correction" over the coming months. The course projections were caused by assumptions: if the US Securities and Exchange Commission (SEC) decides that most tokens are securities under current rules.
"While many tokens have recorded an increase in profitability in the range of 5 to 20 percent over the last week, the uncertainty of regulation regarding tokens and their normative nature may lead to a decrease in the value of currencies in the coming weeks, as the SEC releases new leadership" – CCN.
In the last 24 hours, the EtherDelta crypto-exchange was aimed at the SEC for distributing unregistered securities, and tokens categorizing as securities could lead to a further reduction in the price of most tokens.
Уже сейчас токены начали существенно уменьшать обороты, что видно из продажи маркеров Polymath, 0x и Basic Attention.
Already, tokens have begun to significantly reduce speed, as can be seen from the sale of Polymath, 0x and Basic Attention markers.
According to experts, the ambiguous state of the cryptocurrency market will not last long. The overall decline in capitalization, with relative stability of the course, will last no more than a few days until the decision of the US Securities and Exchange Commission (SEC) is taken.
Editor: Yuliya Soroka