Last week, the focus was on Bitcoin Cash (BCH) and the looming hard fork. The tension between Craig Wright’s and Roger Ver’s teams threatened to split the currency into two. Many believe this is what triggered the sudden drop in the value of bitcoin and other cryptocurrencies on Nov. 14.
Most cryptocurrencies were on the red and may take many days or even weeks to return to normal. This sudden price correction also led to Ripple (XRP) leapfrogging Ethereum. XRP is now the second most valuable virtual currency by market capitalization. The coin continues to see massive gains as other coins continue to plummet in value.
As of the time of writing, Bitcoin is trading at $5448, Ethereum at $163, Ripple at $048 and Bitcoin Cash at $3.72. Bitcoin has a market cap of $94.7 billion, XRP 19.43 billion, Ethereum $16.91 billion and Bitcoin Cash $6.59 billion, according to data from CoinMarketCap.
Bloomberg’s research department Bloomberg Intelligence found out that the value crypto market will continue to fall. Analysts have also said the price of Bitcoin may decline by more than 70%, bring the value of the currency to as low as $1500.
Ripple (XRP) which dethroned Ethereum from the second spot on CoinMarketCap table on the 15th of November, continues to perform excellently. Its price is up nearly 5% at the time of writing. However, its current price of $0.49 is still below the price mark of $0.50 before the cryptocurrency market underwent a sudden correction on November 14.
The total market cap of all virtual coins has slightly risen to approximately $182 billion. However, daily trading volume has plummeted significantly. After hitting $25 bln mark on the 15th of November, it has dropped to around $13.5 billion at press time.
Coinshares CSO Meltem, commenting on the current state, concluded that massive sell-offs caused last week’s crypto volatility in anticipation of Bitcoin Cash hard fork. The fork created lots of confusion in the market.