Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy
The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning.
- Cryptocurrency markets have shed enormous value on Thursday, November 26, 2020. The entire market cap of all 7,700+ digital assets has lost over 5% in value and rests just below the $500 billion mark. ($498B)
- BTC prices touched a high on Wednesday evening at $19,319 per unit and slid to a $16,870 low during the early morning trading sessions on Thursday. The price has increased since the bottom on Thursday and so far, BTC has shed 10.9% in USD value. The price of BTC is currently swapping for $17,277 per unit.
- Out of precisely 7,784 cryptocurrencies worldwide across 33,471 markets, there’s roughly $291 billion in global trade volume. Out of the entire crypto-economy, the Bitcoin Dominance Index is hovering around 62% on Thursday dropping 2.5% since the recent price high.
- The second-largest crypto-asset ethereum (ETH) has lost over 12% so far and each ether is swapping for $522 per coin. Ethereum has a market cap of around $59 billion at the time of publication.
- Significant drops in cryptocurrency values across a myriad of markets are not unusual on November 26, as the occurrence has taken place every year for the last three years in a row.
- The cryptocurrency XRP shed over 21.18% so far, and the asset is currently swapping for $0.53 per XRP. Still, during the last seven days, XRP prices skyrocketed and are still up 78% over the last week.
- The fifth-largest market cryptocurrency valuation is held by bitcoin cash (BCH) markets as each BCH is swapping for $278 a coin. Bitcoin cash has shed considerable value losing 18.5% during the last 24 hours. At the time of publication, bitcoin cash (BCH) has an overall market cap of $5.18 billion on Thursday.
- The cofounder of Definer, the defi network for digital loans, savings and payments, Chyna Qu explained this week that crypto use cases continue to grow stronger. “The true price indicator is the technology behind Bitcoin, and use cases are constantly growing. We predict that bitcoin will peak at the end of this year at around $40,000.”
- While most people have been upset about the recent crypto-economy dump a number of people said the correction was due many days ago. “This pullback is healthy,” Heidi Chakos (@blockchainchick) tweeted on Thursday.
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