With the cryptocurrency market already going into a slump, things are not looking good for the investors as the market suffered another crash on 24th November. All the 20 of the top cryptocurrencies in the market have gone to the red zone, and bitcoin trading has gone below $4000.
The crypto markets have seen a tremendous decline this year with the market going down by 10-15%. The cryptocurrency Stellar (XLM) has faced the brunt of this crash with the currency down over 20%. It is currently being traded at $0.14 at press time. The plunge in the rate of Bitcoin to below $4000 broke the previous threshold of September 2017. On November 24th, it dropped to as low as $3,585 before settling at $3,800.
The biggest cryptocurrency in the world is down by more than 32% and faced the first massive sell-off this month on 14th November. Back then, Bitcoin was stably being traded at a value of $6,300 which is higher by 40% than its current price.
A major cryptocurrency- EOS was seen overtaking Bitcoin Cash for a short while going by market capitalization. This made it the fourth largest coin with the third position going to altcoin Ethereum. Bitcoin Cash has been seen suffering some of the biggest losses this year with the currency going down to around 19% on the 24th. Currently traded at around $165, the currency is down by more than 56% in the last one week.
The total market capitalization of the market came down by $130 billion on 24th. This is the lowest since September 2017, and at press time, the market cap is somewhere close to $120 billion. The daily trade volumes in the market come close to around $19 billion. The market share of Bitcoin as of today is somewhere around 54.5%.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.