After a relatively quiet trading this weekend, the cryptocurrency market resumed its decline in the morning hours of Monday. At about 03:00 (GMT), the bitcoin rate began to decline again and dropped from the $5.600 level below $5.300, and currently, at the time of writing, is trading at $5.0872, thus losing more than 9.00%. The last time cryptocurrency showed such rates was on October 12, 2017.
Altcoins are following the bearish trend of the first cryptocurrency, with most of them losing in the range of 8-20%.
Among top-5 cryptos, ETH became the biggest loser. It is currently trading at $155 (-11.39%), while XRP lost only 3,50%, which allowed it to strengthen itself in the second position, which it took over ETH last week. The capitalization of the two cryptocurrencies currently stands at $20 billion, while ether doesn’t exceed 16 billion.
The total market capitalization also updates annual minimums and amounts to $169,9 billion. Bitcoin's dominance index rose slightly and is standing at 53%.
Analysts are still trying to come up with the reasons for such a tremendous market fall. As such, the main negative factor could be the hard fork of bitcoin Cash, which took place last week. Despite the fact that everything went well, splitting the cryptocurrency into two blockchains - bitcoin ABC and bitcoin SV, destabilized the market. Investors have taken a wait, so in the absence of demand for digital assets, they continue to fall in price.
Recall that for the first time the market was shaken just four days ago. On November 15, the first cryptocurrency has lost around $500 from its value and the rest of almost all top-100 immediately turned bearish following bitcoin’s example.
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