Just a day before the high-profile Bitcoin Cash fork, the market capitalization of the cryptocurrency market fell below $200 billion. As recently as November 7, its value was estimated at $220 billion, and many bulls believed that the price of Bitcoin could break through the MA 200 and begin a long run towards the high level set last December.
This run did not happen, so on Wednesday morning the cryptocurrency market began to slowly but inevitably fall in value. Even before the hard fork began, Bitcoin Cash lost all of its recent gains and fell to fourth place in the top spot, despite all the positive news surrounding the event.
And while Bitcoin Cash has performed the worst of all large-cap cryptocurrencies, it is not the only asset whose value is falling. Excluding stablecoins, only three of the top 100 cryptocurrencies managed to maintain their value against the dollar, and the price of 7 of the 10 largest crypto assets fell by at least 11%.
In total, the market capitalization of cryptocurrencies has declined by more than $19 billion in the last 24 hours, and at the time of writing it is valued at $184 billion, its lowest point since mid-September this year. An interesting feature of this process is that it is not yet possible to explain what is happening with any negative events.
It is noteworthy that this decrease in value led to investors withdrawing funds from the altcoin markets and transferring them to Bitcoin. On November 7, Bitcoin's dominance was 51.8%, and now it has risen to 54.2%.
You May Also Like
Cryptocurrencies could outperform traditional asset classes in 2019
With stock markets and other asset markets experiencing bearish trends, some believe cryptocurrencies have a chance to be the top performing asset next year.
BitKan: $3000 - profitability threshold for all rigs
According to the chairman of the board of the Chinese platform for over-the-counter cryptocurrency trading BitKan, Leon Liu, the current round of market decline began at the end of last year and will last at least another 12 months. Lew believes that the Bitcoin Cash (BCH) hard fork and hash battles are just one reason, there are many other factors to consider beyond what is visible on the surface.
