MinEconomy.io - A brief overview of the 20.11 cryptocurrency market
The small growth, which marked the past week for the cryptocurrency market, did not last long and at the moment the negative trend rules the cryptoindustry. Market capitalization is falling, and the reason is not only the decline in the price of the main cryptocurrency, but also the cheapening of altcoins. Bitcoin did not last long in the 6300 $ -6600 $ range and began to slow down on November 14, the very next day it reached the course at 5400 $ for 1 BTC. At the moment, the loss of the main coin within one day was more than 1%, so far nothing is said about future growth.
The second position in the ranking of cryptocurrency capitalization still got Ripple. The coin was not only able to successfully overtake Ethereum, but also the only one in the top ten to maintain a positive course. During the day, XRP went up by more than 2% and is trading in the 0.48 $ area. In terms of its capitalization, Ripple is almost 1,5 billion more than the capitalization of Ethereum and, judging by this, while Vitalik Buterin’s cryptocurrency will be content with third place in the TOP.
One of the main events of the week is the hard fork of Bitcoin Cash cryptocurrency. The separation of the coin did happen and now two new items have entered the arena - Bitcoin Cash ABC and Bitcoin SV. Immediately there were a lot of problems. First, both forks are now under the “51% attack”, since more than half of the mining capacities of both cryptocurrencies are concentrated in the same hands. Secondly, Bitcoin Cash ABC and Bitcoin SV are at a loss, according to some data, Craig Wright and Roger Ver “burned” more than 700 $ thousand. And even though Bitcoin SV was less successful and lags behind its twin brother on 30 blocks, these discrepancies do not scare the exchange and support for both coins have already expressed the giants Bitfinex, Binance and Poloniex.
In general, the most popular cryptocurrencies are still in a falling position, and in a day they lost in price from 0.04% to 3.08%. TOPs outsiders on daily losses are: Bitcoin Cash - 3.08% (which is not yet indexed as two different coins on CoinMarketCap), Litecoin - 2,76%, Cardano - 2,36%.
It is difficult to say how the cryptocurrency market will show itself in the near future. In any case, the news background does not yet allow talking about an early growth, because the regulators are pursuing an unfavorable policy to change the price dynamics. In particular, it became known that in Poland a tax on cryptocurrency transactions in the amount of 19% will be introduced, and in France taxation of ICO appeared in the plans.mineconomy.io