Opinions

Cascade Sell-outs Cause Market Dips

Cryptocurrency markets are keeping up their distinct quality of volatility. November 14 saw it’s own sharp descending line for the market values of all strong players in the clique. From Bitcoin, the king to Monero, the number 10th on CoinMarketCap, all saw a downhill graph.

Top 10 Charts
Source: CoinMarketCap

The total market capitalization also saw a dip, the largest one since November of 2017, dipping to $187 billion before recovering for a bit.

Market Dominance
Source: CoinMarketCap

At the time of this writing, only Tether, from the top 10, saw an improvement:

Tether Charts
Source: CoinMarketCap

All other currencies are still in recline, showing a variable movement per hours.

This steep downhill may an indicator to the loss of the dream for cryptocurrencies to reach the previous years’ value. Hopes for Bitcoin to break through $10,000 looks like an unreachable goal.

Unless the institutions put a foot on the gas pedal for the adoption of cryptocurrencies, the episodes of bear and bullish runs are going to keep coming.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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