Crypto Market Meltdown
On Friday, November 22, the cryptocurrency market took a nosedive, resembling a rollercoaster ride without the safety harness. With many top-20 cryptocurrencies bleeding heavily, some have reported losses nearing 10%. Feeling dizzy yet? Well, fasten your seatbelts, because it gets bumpier from here!
The Bitcoin Saga
Bitcoin (BTC) kicked off the day at a respectable $7,600, only to plummet like a lead balloon towards the $7,000 mark. It briefly touched a low of $6,800 before meandering back to $7,300, showcasing a nearly 4% loss. That’s one unhappy crypto family member! It’s worth noting that BTC has tanked around 15% since last week when it was strutting its stuff at $8,500.
Expert Insights
Cryto wizard and analyst Filb Filb shared his two cents, implying that BTC has met its downward channel’s bottom, as gracefully as a cat that lands on its feet (or doesn’t). He emphasized the crucial $7,600 mark that bulls need to reclaim—no pressure, right? Filb hypothesized that Bitcoin might need to frolic below $7,000 for a bit longer before any significant bull reinforcements show up.
Ether’s Painful Plunge
Ether (ETH), the sorcerer of altcoins, mirrored similarly grim news. After a rough start, it hit a low of $141 but managed a minor resurgence, trading currently at $154. However, it still ate a double-digit loss, making it painfully clear that even the top shaking coin isn’t immune to the crypto jitters.
XRP and the Rest of the Squad
XRP, the underdog of the top-three, waddled downwards to $0.232, marking a loss of over 3% at press time. It seems that no one is getting a boost from this crypto hangover, with all top-20 coins displaying red candlesticks that look like a game of Russian roulette gone wrong.
The Bleeding Market
All 20 top coins are in the red, with NEO taking home the title of the biggest loser at nearly 10% down. Poor Huobi Token (HT) wasn’t far behind, also suffering a disappointing 9% drop. Ouch! With the overall cryptocurrency market cap slumping under the $200 billion mark, currently hovering around $198.7 billion, Bitcoin is holding onto a 66.3% share like it’s clutching the last slice of pizza at a party.
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