Bitcoin exchange rate November 20: from “extreme greed” to “extreme fear” in just a year
Sale last week, it seems, was a turning point in the dynamics of the main cryptocurrency. The nerves of investors passed, and in recent days the exchange rate of bitcoin (BTC) fell more than 15%: it is now trading below $4600. It is noteworthy that it was not a single sharp crash, like last week, and the systematic sale throughout the day. The markets are trying to find the bottom, and then this process could happen more and more nervous.
For the price of the leading cryptocurrency in the world fell by $1650, and at the moment there is no evidence of attenuation of the downtrend. Bitcoin (BTC) came under increased pressure after the break of the consolidation zone, which was formed during the previous several months. The total capitalization of cryptocurrencies fell within the week by $52 billion, and the turmoil in the markets has increased the average daily trading volume of 62%. All altcoins of the TOP 100 already in the red zone. However, in this situation there are winners and losers.
For example, Bitcoin Cash (BCH) has fallen in the last 24 hours by 45% and is trading now around $245 (-57% vs week ago). This is the fee for a controversial hardwork network, which was accompanied by a fierce battle between two branches: ABC and SV. Some market participants tend to think of hardwork Bitcoin network Cash (BCH) the starting point of a new phase correction, however, likely is just a coincidence. Although, the fight may lead to fatal consequences for the whole project.
Against this background, sagging a little more than one percent of XRP seems to be an island of stability. The token is trading around 50 cents, almost lost in value during the week. Moreover, in recent days, it showed an increase of trade volumes from $0.5 to $1.34 billion it Seems that the Ripple project, market participants now more likely to trust, thanks to its business model. The demand for safety has allowed XRP push from second place in terms of capitalization Ethereum (ETH). Now the gap between cryptocurrencies is $4.4 billion.
Apparently, the only question the crypto-community is how deep will this correction. Experts predicted the decline in Bitcoin (BTC) to around $3500 where digital currency “stabiliziruemost and get a boost of support.” In the game now may be the same excitement factor that pushed last year the exchange rate of bitcoin to $20,000. Only now, the crowd rushed in the opposite direction: from extreme greed to extreme fear.