The initial signs of recovery have converted into Drastic Losses for the Crypto Market yet again. Bitcoin (BTC) went below the $5,000 mark with all top 20 following with at least a 20 percent wipeout. After a moderate attempt at recovery, Bitcoin fell almost 10 percent on the day and is trading at $4,977. On the week Bitcoin has lost 21.37 percent.
Ripple (XRP) is down 2 percent on the day, trading at $0.495. Ripple has held its ground in terms of Market Capitalisation as Second Cryptocurrency after displacing Ethereum on Nov 15. XRP’s market cap is around $20 billion, while ETH’s is over $15.8 at press time, according to CoinMarketCap.
ETH has seen a drastic fall by over 13 percent over the past 24 hours, and is trading at around $153 at press time. Ethereum’s highest point on the day was $179.70 and the lowest of $150.80. In terms of its weekly overview, the altcoin has lost almost 27 percent.
Major losers among altcoins on the day are Tezos, Ethereum Classic (ETC), and Dash, down by 21.71, 16.05, and 16 percent respectively.
While crypto markets have been experiencing a steep decline, Netherlands-based ‘Big Four’ auditor KPMG released a bullish report on cryptocurrency Nov. 15. The report argues that institutional investors must join the industry for it to “realize its potential.”
“In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore,” the report reads.