Global cryptocurrency market After a steady decline over the past few days, its numbers saw a slight increase in capitalization on Wednesday, November 17. Data from crypto tracking website CoinMarketCap showed that the market cap stood at 2.63 trillion. However, the total crypto volume declined significantly during the last day. The volume of coins traded was $136.77 billion, a decrease of 5.37 percent over the past 24 hours. Bitcoin and Ether, the two biggest cryptocurrencies, were still in decline after hitting record highs last week. The continued decline in bitcoin prices was supported by China’s crackdown on crypto and by US taxation laws on the currency.
With a market dominance of 43.48 percent over the past 24 hours, one bitcoin was priced at 60,479.45 at the time of writing this article. This was a decrease of 0.07 per cent during the previous day. During the day, bitcoin price declined below the $60,000 mark, its lowest in three weeks. On Wednesday, prices declined for the fourth consecutive day.
“Bitcoin fell sharply close to 10 percent over the past 24 hours to the $60,000 level, though quickly jumped to $61,000. The crypto market-wide crash may have wiped out nearly $100 billion from bitcoin’s market cap. The daily chart indicates that BTC may retest the support at the $58,000 level,” WazirX Trade Desk said in a note that day.
“The last 24 hours have been massively volatile for the cryptocurrency market. Bitcoin, the largest cryptocurrency by market cap, has shut down some of the big players and booked profits. The lack of trading volume led to a sharp drop across the spectrum. Retail investors started running for cover leading to a huge increase in trading volume. Altcoins had an even bigger correction. Despite this correction, the market is yet to rally. The coming few days will be crucial for the cryptocurrency market The key support level for BTC is $57,000, and this will be a level to watch,” commented Edul Patel, CEO and founder of Mudrex.
Ethereum or Ether also declined below the $4,200 mark during the day. At the time of writing this article, one Ether coin was priced at $4,251.99, a decrease of 0.63 percent over the past 24 hours. According to CoinMarketCap, in the past seven days, the price of Ether has dropped by a whopping 10.63 percent.
“Ethereum fell victim to a minor market crash, if we can call it that. ETH’s nose fell by almost 10 percent in a matter of hours. The trend broke below an ascending channel pattern. We believe the correction is minor. $ Expect immediate support at 3,900 as long as Ethereum looks strong and should be good,” WazirX Trade Desk said.
Data from the crypto tracking website shows that ARC Governance was the top-ranked leader in the global crypto market. In the last 24 hours, the value of one token has increased by 2,40,236.55 percent. According to the data, the price of one token was $842.97. Angry Squid took second place in the Top Gainers pack, priced at $0.0002118 and up 721.33 percent over the past 24 hours. Alonomics, which is valued at $8.03 per token, continued its uptrend and ended the day at the third position with a rise of 507.64 percent.
As far as the losers are concerned, the top spot is Ethereum Meta. The price of one token fell 99.91 percent and was trading at $0.0000000522. Sayback Warrior and AziusX finished second and third on the charts, losing 82.86 and 81.79 percent, respectively, during the final day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
ARC Governance: $842.97 – 2,40,236.55 percent increase
angry squid: $0.0002118 – up to 721.33 percent
allonomics: $8.03 – up to 507.64 percent
bscrmie: $0.000013 – up to 506.51 percent
ILCOIN: $0.03268 – up to 465.50 percent
quirkita token: $0.000001044 – an increase of 400.98 percent
Top 6 Crypto Losers in the Last 24 Hours (According to CoinMarketCap Data)
ethereum meta: $0.0000000522 – 99.91 percent drop
lesson warrior: $0.007302 – down 82.86 percent
aziusX: $0.001601 – 81.79 percent drop
office nft: $0.000002697 – a drop of 73.59 percent
bitball: $0.01974 – 57.88 percent drop
czfarm: $0.0000005132 – a drop of 56.67 percent
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