After a week splattered in red, crypto markets see a hope for recovery today. Thee top 10 cryptocurrencies see a flash of green within a 1 to 7 percent range of growth, with thee vast majority of the market (Top 100 cryptocurrencies) in green.
After experiencing a steep decline as of Nov 14, Bitcoin (BTC) is showing signs of recovery while pushing to $5,600. As of press time, the leading cryptocurrency is trading at $5,595, up around 0.9 percent on the day, according to CoinMarketCap.
While many have attributed this week’s market tumble to the impact of the contentious Bitcoin Cash (BCH) hard fork Nov.15, some Bloomberg analysts even have gone so far as to forecast that the hard fork fallout, coupled with the “enduring [crypto] bear market,” could mean Bitcoin might tumble as low as $1,500.
This does not affect 50 percent of the respondents in a recent poll conducted on Twitter by former U.S. Congressman Ron Paul, where the respondents chose Bitcoin as their choice for a long term investment of $10,000 over a decade with the other listed assets being Federal Reserve Notes, gold, or U.S. 10-year treasury bonds.
On the week Bitcoin is in the red with a 12 percent mark. Ripple (XRP) is in the green, 7.3 percent up today, trading at $0.517. On Nov.15, Ripple dislodged Ethereum (ETH) again from the latter’s stalwart spot as largest altcoin by market cap. On the week, Ripple is 3.4 percent in the green.
Ethereum (ETH) has seen mild growth and is up 1.3 percent on the day to trade at $175. As of Nov. 14, Ethereum’s losses have been even more drastic than Bitcoin’s, with the altcoin now down over 16 percent on its weekly chart. Having seen more volatility overall on the month, the altcoin’s losses on the month are at 15 percent; Ethereum’s intra-month high was over $221 Nov. 7, with a low of just under $173 Nov. 17.
Most of the remaining top ten coins on CoinMarketCap are in the green, seeing growth of within a 1 and 5 percent range.
The notable exception is Bitcoin Cash (BCH), which is down 2.1 percent to trade at $383.2, as the aftermath of its controversial hard fork continue to bear price ramifications.