It’s a weekend, and weekends aren’t the best days for any investor, be it in stocks or cryptos. The crypto market is experiencing widespread downward movement, with Zcash and Basic Attention Token (BAT) leading the decline. However, the loses have been contained to less than 1 percent for most indicating that the market could bounce back once the week kicks off tomorrow. Bitcoin has lost 0.4 percent to trade just below $6,400 with Bitcoin Cash, Litecoin and Monero losing 1.2, 0.9 and 2.3 percent respectively. Stellar has gained the most in the top 20 at 4.1 percent, despite there not being a substantial explanation for the rise.
The Weekend Blues
Bitcoin was trading at $6,390 at press time, a slight drop from the $6,410 it closed the day on yesterday according to data from CoinMarketCap. The king of crypto has declined consistently, albeit by small margins, since its weekly high $6,550 achieved on November 7. The volume has also taken a beating, being the first day that it hasn’t hit $4 billion since November 3.
The other major cryptos have also seen red, with Ethereum, XRP, Bitcoin Cash and EOS all shedding around 0.5 percent. The movement is better illustrated by Coin360 in the graph below:
Bitcoin Cash has been at the center of focus in the past week as its hard fork draws closer. The fork is scheduled for November 15 and will see the creation of Bitcoin Cash ABC and Bitcoin Cash SV. Most Bitcoin Cash supporters are behind ABC which is led by Roger Ver, with Craig Wright’s SV being expected to have very few transactions. Many exchanges, including Binance, Coinbase and OKEx have pledged their support for the ABC faction. Having gained over 20 percent as investors moved in to capitalize on the fork, it has since shed some of the gains and was trading at $543 at press time.
Another coin on the spotlight has been Basic Attention Token (BAT) which started trading on Coinbase this week. After the price skyrocketed following the announcement by Coinbase, it has since lost as much as 20 percent as those who invested sold off their coins. In the past 24 hours, BAT has lost 4.1 percent to trade at $0.26, a decline of over 30 percent from its high which it achieved immediately following the announcement by Coinbase.
The gainers were few and in between, with Stellar being the only major crypto to gain at 3.8 percent. With there being no major developments in the Stellar network recently, it may be just another short-lived bull run. Maker at 6 percent, WAX at 9.6 percent, Mithril at 7.4 percent and Decentraland at 6.5 percent were the other big gainers.
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