The Market fall in cryptocurrencies continues today, with Bitcoin (BTC) dropping down to $5,400, and total market capitalization taking a hit to $174 billion. As of Nov 14 Bitcoin reached the lowest price volatility dropping from $6,400 to $5,506.
The drop has marked a new volatility record for markets this year. According to BitMEX Daily Historical Bitcoin Volatility Index, Bitcoin volatility rate has exceeded the index of seven for the first time since April this year.
This downfall has led to a bloodbath for the top 20 cryptocurrencies with some coins down by almost five percent on the day, Ripple (XRP) has overtaken Ethereum (ETH) again in terms of market cap.
Bitcoin is down almost 14 percent on a 7 day outlook; ETH dipping almost 17 percent, however ripple is up 2.2 percent as of press time.
Total market cap has dipped even lower today, dipping below $180 billion. As of press time, market cap is $183.5 billion, seeing a slight rebound from $174 billion earlier the day. At press time, daily trade volume amounts to more than $22.3 billion. The total number of cryptocurrencies listed on CoinMarketCap has decreased to 2,080.
Meltem Demirors, the Chief Strategic Officer (CSO) of crypto exchange-traded products firm CoinShares has subsequently commented on the recent breakdown, claiming that the cause of the sudden bear market is that institutions are “taking money off the table” due to the hard fork of Bitcoin Cash (BCH). With that, Bitcoin Cash is suffering the biggest losses over 7 days period, at almost 30 percent as of press time, and is trading at $420.