Since the 7th November, the global crypto market has lost around $6 billion of its valuation as it dropped from $220 billion to $214 billion where Bitcoin seemed to stay relatively stable.
The day before this started, November 6th, some of the biggest currencies including Ripple, Ethereum, Bitcoin Cash, Cardano and Stellar were seeing some big gains of up to thirty percent with Bitcoin Cash skyrocketing 40 percent within just a two-day span.
After demonstrating a significant increase in value, most of the major cryptocurrencies retraced which were expected amongst the majority of digital currency traders in the community.
With the drop of Bitcoin Cash and other smaller market cap tokens to spark the fire, the cryptocurrency market recorded a dip of just under three percent in its valuation. However, on a monthly basis, the market rose by more than $16 billion since the middle of October from $198 billion to $214 billion.
Since the 15th October, the crypto market added $22 billion to its valuation, rising by over eleven percent. A minor correction was expected following the massive eleven jumps within a thirty-day span.
Despite a 2.7 percent drop in the valuation of the market, the number of major digital currencies still stay quite high. Earlier last month, the daily trading number of Bitcoin was hanging at about $3.2 billion.
As of today, 9th November, the trading volume of Bitcoin on a daily basis remains above the $4.5 billion region and is up by 40 percent within the past few weeks. This noticeable jump in trading activity of Bitcoin and other currencies like Ethereum is attributable to the general increase in positivity and optimism towards the mid-term growth trend end of the market.
Several traders look at Bitcoin futures market of Bakkt to act as a big catalyst for the next rally of Bitcoin, as unlike other futures trading platforms, Bakkt physically delivers Bitcoin to future contract holders. With this in mind, Institutional investors could impact the price of Bitcoin in a good way.
As reported by CCN:
“While the general sentiment towards BTC and major cryptocurrencies is positive, the recent crackdown on decentralized crypto exchange EtherDelta has led investors to be more cautious in investments in tokens.”
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