Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion.
After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending.
Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250.
Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin – or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes.
All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.
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