In the night of Tuesday, November 20, the cryptocurrency market continued Monday’s sharp decline, and by 07:00 UTC, the total capitalization of the market has dropped close to $150 billion. Simultaneously, the average weighted exchange rate of bitcoin fell on a number of exchanges below $4500.
The last time the total market capitalization of crypto-currencies was below $150 billion at the beginning of October 2017.
In the last 24 hours the price of bitcoin fell more than 15%, the capitalization of the first cryptocurrency is located in the neighborhood of $80 billion While in the exchanges, there is still a price difference: if on Bitfinex bitcoin at the time of publication was trading at $4650, Coinbase and Bitstamp, the exchange rate fell below $4500 ($4485 on Bitstamp).
While other cryptocurrencies are also deep in the red zone, drew attention to the sharp decline in the average rate Bitcoin Cash – according to CoinMarketCap, the last day the price dropped 45% to $210. In the result Bitcoin Cash fell to fifth place in terms of capitalization, behind Stellar.
Also note that had risen to second place Ripple (XRP) is already more than $5.5 billion in increased isolation from Ethereum (ETH) for capitalization. Against the background of other assets XRP shows the most stable trend, hardly affected by the events Monday and early Tuesday. ETH price, meanwhile, fell to $137, losing in the last 24 hours more than 16%.
The greatest losses among the coins in the top ten also suffered Monero (-20%), Cardano (-19%) and Litecoin (-13%)
Earlier, the founder and managing partner of venture capital firm Morgan Creek Anthony Pompliano said that the current bear market can be seen as a natural process of cleansing the industry from the “tourists”.