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Crypto Market Sees Green, Shows Signs Of Recovery From Bearish Phase

By Rishma Banerjee

The cryptocurrency market which had been under a noticeable bearish influence for quite some time now, showed signs of recovery today, 18th November 2018. Most of the top ten cryptocurrencies recorded a healthy upward trend ranging from 1 to 7 percent where most of the top 100 crypto assets by market cap stayed in the green.

Market visualization by Coin360

Bitcoin, on 14th November, had exhibited a sudden but steep plunge and on 16th November was it trading at 5371 USD, a 1000 dollars less than it’s price just two days ago. It, today showed signs of growth and recorded an overall 1.19 % increase to trade 5602.05 USD. However, at press time, its price was 5580 USD. Some analysts and experts are of the opinion that is volatility has been brought on by impact of the Bitcoin cash hard for which took place on November 15th and the “enduring [crypto] bear market,” while analysts at Bloomberg have predicted that Bitcoin has further to fall and will trade at as low as 1500 USD.

However, a Twitter poll conducted by former U.S. congressman Ron Paul saw 50% of the respondents selecting Bitcoins over Federal Reserve Notes, gold, or U.S. 10-year treasury bonds as their preferred store of value if in case there to invest over 10,000 USD in any given asset.

On the week, Bitcoin is a stark 12 percent in the red; monthly losses are pushing 14.5 percent.

Bitcoin 7-day price chart

Ripple, which recently displaced Ethereum as the largest altcoin by market cap, has also recorded an increase and at press time was trading at 0.55113. Ripple looks like it has been successful in somewhat reversing the losses that it had incurred during the recent bearish market.On the week, Ripple is 3.4 percent in the green, with monthly growth at 14.6 percent.

Ripple 7-day price chart

Ethereum (ETH), whose losses were even more drastic than bitcoins also has seen a 1.3 percent growth to trade at 178.07 USD at press time.

Ethereum 1-month price chart

The most glaring exception to this general trend of increased prices is Bitcoin Cash, which as a result of its hard fork, continue to reel under bear market ramifications and is trading currently at 383.3 USD.

Stellar, after Ripple, is the most promising top ten alt, which saw a solid 4.5 percent growth. Even Monero, a cryptocurrency focused on anonymity is also up by 3.5 percent at 89.04 USD.

After Ripple, Stellar (XLM) is the strongest-performing top ten alt, seeing a solid 4.55 percent gain to trade at $0.25 on the day; anonymity-oriented alt Monero (XMR) is also up a strong 3.5 percent at $89.04. Zcash, another privacy-focused alt, also saw an above average growth and 113.29 USD at press time.

 

Total market capitalization of all cryptocurrencies is around $186 billion as of press time, which is more than the mid week low of  around $175 billion on Nov. 15, but almost 12 percent down from $211 billion as recorded at the beginning of the week.

7-day chart of the total market capitalization of all cryptocurrencies

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.

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