The global cryptocurrency prices continued to be in the red zone on Tuesday, November 16, with Bitcoin and Ether falling from their great highs. The largest cryptocurrency globally, Bitcoin, fell below the $60,000 mark at one point of the day. At the time of writing this article, one Bitcoin was priced at $60,282.84, registering a fall of 8.47 per cent over the last 24 hours. Bitcoin’s dominance is currently 43.44%, an increase of 0.19 per cent over the day, said a note from crypto tracking website CoinMarketCap. Ether too registered its all-time low this month. One token of Ethereum or Ether was priced at $4,249.37, the lowest in 19 days. This was down by 9.93 oer cent over the last 24 hours, CoinMarketCap data showed.
“The largest cryptocurrency by market cap, Bitcoin, saw a constant drop in traded volumes. However, the money flow into BTC increased over the past few days. Currently, the cryptocurrency market is looking for directional cues from BTC and ETH. Although some of the smaller altcoins had a good session, the momentum remained consolidated,” said Edul Patel, CEO and founder of Mudrex
“Market participants should remain watchful before taking aggressive trades now as the momentum could quickly shift in either direction,” he added.
“Ethereum has retracted a bit since crossing the $4,800 mark. However the trend continues to look strong and bound to surge ahead with the same vigour. ETH continues to traverse within the ascending channel pattern. We expect a resistance at $4,850 level, post which Ethereum could breach the $5,000 mark. Immediate support is expected at $4,520 mark. We may see Ethereum carry other Altcoins to make new highs in the coming weeks,” said the WazirX Trade Desk.
The global cryptocurrency market cap on Tuesday, November 16, was standing at $2.61 trillion. This was down by a drastic 9.13 per cent over the course of the last day, CoinMarketCap data showed. The total crypto volume, however, rose significantly during the course of the last day. The volume of traded coins stood at $142.00 billion, which was a 55.91 per cent increase over the last 24 hours.
Within the country, on November 15, representatives of crypto exchanges, Block chain and Crypto Assets Council (BACC), industry bodies and other stakeholders made their submissions before a Parliamentary panel chaired by BJP leader Jayant Sinha. The RBI and the Centre have made plans to launch an official digital currency in the country rather than banning cryptocurrencies. The Centre also has plans to impose restrictions within the industry regarding the trade of crypto coins to avoid money laundering and crimes.
Coming back to the global platform, Ethereum Meta on the day gave a stellar performance, rising over 2.35 lakh per cent during the day. At the time of writing this article, the digital coin has risen by 98,699.77 per cent over the last 24 hours. The price of one Ethereum Meta coin was 0.00005697, making it the top gainer of the crypto pack. GenShinShibInu occupied the second spot in the top gainers’ pack, priced at $0.0000000113 and up by 906.08 per cent over the last 24 hours. Secured Ship, valued at $0.000000001108 per token, came third with a surge of 508.02 per cent in the last day.
As far as losers were concerned, the top spot went to PolypuX. The price of one token went down by 97.08 per cent and was trading at $0.0009633. Impermax and Bananatok came second and third in the chart, decreasing by 90.54 and 85.94 per cent respectively during the course of the last day.
Top 6 Cryptocurrency Gainers (According to Data from CoinMarketCap)
Ethereum Meta: $0.00005697 – up by 98,699.77 per cent over the last 24 hours
GenShinShibInu: $0.0000000113 – up by 906.08 per cent over the last 24 hours
Secured Ship: $0.000000001108 – up by 508.02 per cent over the last 24 hours
Crypto Village Accelerator: $0.000002028 – up by 401.31 per cent over the last 24 hours
HUSKY X: $0.00000854 – up by 360.25 per cent over the last 24 hours
Mukk: $0.000000001695 – up by 308.52 per cent over the last 24 hours
Top 6 Cryptocurrency Losers (According to Data from CoinMarketCap)
PolypuX: $0.0009633 – down by 97.08 per cent over the last 24 hours
Impermax: $0.3394 – down by 90.54 per cent over the last 24 hours
Bananatok: $0.002751 – down by 85.94 per cent over the last 24 hours
My Shiba Academia: $0.00005189 – down by 83.54 per cent over the last 24 hours
Gnome Token: $0.001042 – down by 72.37 per cent over the last 24 hours
Qrkita Token: $0.000001993 – down by 68.97 per cent over the last 24 hours