Crypto Market Bleeds Heavily, Bitcoin Makes a New 2018 Low, XRP Topples ETH in Market Cap

15. Nov 2018 Posted by Akolkar B on News

The overall cryptocurrency market entered a huge correction on Wednesday, November 14. The correction has hit across the market with the overall market cap slipping by more than 10% to way below $200 billion. According to our data on WorldCoinIndex, the overall cryptocurrency market cap is at $177 billion.

Moreover after months of holding itself above $6000 levels, Bitcoin has finally slipped more than 10% in the last 24 hours to make a new low for 2018. According to the one day chart, Bitcoin has made a low of $5511 even with its market cap slipping below $100 billion. The current market cap is $97 billion with the 24-hour volumes crossing $1.2 billion. However, Bitcoin still continues to have 50% dominance in the overall cryptocurrency market.

The first Bitcoin derivative - Bitcoin Cash - which is likely to undergo a hard fork today on Nov. 15th is the worst effected. Yesterday’s market fall wiped out all the past few days of gain. On Wednesday Bitcoin Cash (BCH) fell by more nearly 25% and is currently trading at $422 with a market cap of $7.3 billion. The 24-hour volume of BCH is $1.4 billion.

The Bitcoin Cash (BCH) will undergo a hard fork today resulting in two different digital currencies. One will be the core Bitcoin Cash referred as Bitcoin ABC and the other is the Bitcoin Satoshi Version (SV).

Among the other top five cryptocurrencies, Ethereum (ETH) is also heavily hit. From trading above $200 levels yesterday, Ethereum has corrected by over 12% and is currently trading at $176 with a market cap of $18.192 billion. The 24-hour volume for Ethereum is $1.6 billion, at the press time.

XRP on the other hand has shown less volatility in comparison to its peers. XRP corrected by less than 10%. Currently, the XRP price is $0.45 with a market cap of $18.198 billion. It shows that due to the heavy downfall in ETH price, XRP has taken a marginal lead over ETH to become the second most valued cryptocurrency.

Ethereum rival EOS which has recently entered the top-5 ranks of cryptocurrencies by market cap was also the victim to yesterday’s market fall. However, it has managed to sustain its fifth position. But EOS price has dropped by nearly 10% and is currently trading at $4.53 with its market cap at $3.4 billion.