Weekly Cryptocurrency Update (Nov 13-19) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 5 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
Bitcoin plummeted to a one-month low on Friday, putting it on track for its worst week in six months, as traders booked profits, following a protracted rise. Some of them were frightened by the prospect of creditors of the defunct crypto exchange, Mt Gox, liquidating their payments. On the other hand, Bitcoin’s fall could also be linked to recent reports claiming that the correction in the crypto market was intensifying as the week drew to a close. Over the last 24 hours, the entire market capitalization has fallen by 6%, to $2.6 trillion. As usual, the rest of the cryptocurrencies are following suit and suffering as well, with Ethereum losing 5% of its value in a drop to a little over $4,000 and the Bitcoin prices have plummeted to a new low for the month. On October 13, BTC dipped below $56,000, but it quickly returned to a new all-time high of $69,500 on November 10.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
The selling bias surrounding the world’s largest cryptocurrency, Bitcoin, was considered a major factor in keeping the value of ETH/USD low. The Bitcoin lost its grip on prices over $60,000, and it began a new downward trend against the US dollar. The losses in BTC could even descend below $55,000 in the near future. On the other hand, the market capitalization has fallen by 6%, to $2.6 trillion in the last 24 hours. As is customary in the crypto world, other cryptocurrencies are also feeling the pinch, with Ethereum falling by 5% to slightly over $4,000. Furthermore, the recent buying bias in the greenback further aided the depreciation of the ETH/USD coin. The dollar was higher in Asia on Friday morning, and it appears to be on track for the second week of gains against the Euro. The question now is when central banks will start raising interest rates to combat growing inflation. The US Dollar Index, which measures the value of the dollar against a basket of other currencies, has risen by 0.12%, to 95.657.