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Cryptocurrency Update: 6 Coins Rise Up To 2,40,236% in a Day; Bitcoin Prices Fall

The global cryptocurrency market capitalisation saw a slight increase in its numbers on Wednesday, November 17, after a constant dip over the past few days. The market cap was standing at 2.63 trillion, data from crypto tracking website CoinMarketCap showed. The total crypto volume, however, fell significantly during the course of the last day. The volume of traded coins stood at $136.77 billion, which was a 5.37 per cent decrease over the last 24 hours. Bitcoin and Ether, two of the largest cryptocurrencies, were in for a downfall too, after scaling record highs over the last week. The consistent fall in Bitcoin prices was backed by China’s crackdown on crypto and US taxation laws on the currency.

With a market dominance of 43.48 per cent over the last 24 hours, the price of one Bitcoin stood at 60,479.45 at the time of writing this article. This was a 0.07 per cent decrease over the course of the last day. During the day, Bitcoin price fell below the $60,000 mark, its lowest in three weeks. The prices retreated for the fourth straight day on Wednesday.

“Bitcoin corrected sharply in the last 24 hours dropping close to 10 per cent and plummeting to sub $60,000 levels although quickly bouncing back to $61,000. The crypto market-wide crash saw close to $100 billion being wiped from Bitcoin’s market cap. The daily chart indicates that BTC may be retesting the support at $58,000 levels,” said the WazirX Trade Desk in a note on the day.

“The past 24 hours remained massively volatile for the cryptocurrency market. The largest crypto by market cap, Bitcoin, saw a few large players squaring off and booking profits. The lack of trading volumes caused a quick drop that reflected across the spectrum. Retail investors started rushing for cover which led to a huge spike in the traded volumes. The altcoins had an even larger correction. Despite this correction, the momentum in the market is not yet bearish. The coming couple of days would be crucial for the cryptocurrency market. The critical support level for BTC is $57,000, and that would be the level to watch out,” commented Edul Patel, CEO and founder of Mudrex.

Ethereum or Ether, too, fell below the $4,200 mark during the day. At the time of writing this article, one Ether coin was priced at $4,251.99, which is a 0.63 per cent decrease over the past 24 hours. In the past seven days, Ether prices fell a whooping 10.63 per cent, as per CoinMarketCap.

“Ethereum fell prey to the minor market crash, if we may call it so. ETH nose dived by almost 10 per cent in just a few hours. The trend broke out below the ascending channel pattern. We presume that the correction is minor. An immediate support is expected at $3,900 up until which Ethereum looks strong and should hold good,” said the WazirX Trade Desk.

ARC Governance was the top gainer in the global crypto market, the data on the crypto tracking website showed. Over the last 24 hour, the value of one token increased by 2,40,236.55 per cent. One token was priced at $842.97, as per data. Angry Squid occupied the second spot in the top gainers’ pack, priced at $0.0002118 and up by 721.33 per cent over the last 24 hours. Elonomics, valued at $8.03 per token, continued its upward trend and came third with a surge of 507.64 per cent in the last day.

As far as losers were concerned, the top spot went to Ethereum Meta. The price of one token went down by 99.91 per cent and was trading at $0.0000000522. Sabac Warrior and AzeusX came second and third in the chart, decreasing by 82.86 and 81.79 per cent respectively during the course of the last day.

Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)

ARC Governance: $842.97 – up by 2,40,236.55 per cent

Angry Squid: $0.0002118 – up by 721.33 per cent

Elonomics: $8.03 – up by 507.64 per cent

BscArmy: $0.000013 – up by 506.51 per cent

ILCOIN: $0.03268 – up by 465.50 per cent

Qrkita Token: $0.00001044 – up 400.98 by per cent

Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)

Ethereum Meta: $0.0000000522 – down by 99.91 per cent

Sabac Warrior: $0.007302 – down by 82.86 per cent

AzeusX: $0.001601 – down by 81.79 per cent

The Office NFT: $0.000002697 – down by 73.59 per cent

BitBall: $0.01974 – down by 57.88 per cent

CZFarm: $0.000005132 – down by 56.67 per cent