|
November 27, 2020, 02:13:28 AM |
|
After a double-digit rally, a double-digit selloff in the crypto market followed today - with altcoins taking the strongest hit, as is usual in this already tested crypto market playbook.
So, the news this morning is that everything is per usual - nothing new under the crypto sun. As we have seen many times before, the crypto riseth and the crypto dropeth. We have also been warned by analysts that November will see bitcoin (BTC) whales accumulation driving further appreciation in price, but this will be accompanied by higher volatility. And voilà.
Bitcoin today (10:03 UTC) dropped more than 11% in 24 hours and 2.5% in a week to USD 17,000, even dipping below this level - moving further away from the long-awaited all-time high. Ethereum (ETH) didn't fare any better in 24 hours, dropping more than 15% to the price of USD 505, though it's still green over the course of the week.
That's far from all, as nearly all top 100 coins by market capitalization have gone red in the past few hours. Among the top 10, XRP was hit the hardest, dropping nearly 23%, followed by cardano (ADA)'s 20% and chainlink (LINK)'s 19.5% plunge. These are also among the highest drops on the entire top 100 list, with some other projects reaching as far as -24% at the moment.
However, later, BTC recovered, rallying from USD 16,600 to above USD 17,400 in a couple of hours.
|