The cryptocurrency market is seeing a reversal of fortune following last week’s highs, which has hurt even the largest cryptos. First, bitcoin (BTC) was trading around $12,000 (£8,932) lower than its previous highs. After losing both $60,000 and $58,000 support levels in recent days, the flagship cryptocurrency has plummeted to its lowest levels since mid-October.
Analyst Michaal van de Poppe gave some words of consolation to assuage investors’ nerves: “As a reminder, bitcoin might fall below $48-50K while remaining positive. On November 18, the founder of Eight, a cryptocurrency instructional website, tweeted, “I’m anticipating a prolonged cycle to take place and a good correction belongs into that.”
The worldwide cryptocurrency market cap was $2.53 trillion, according to CoinMarketCap.com, down half a billion dollars from last week’s highs, when the market topped $3 trillion for the first time in history.
Avalanche (AVAX) is about to overtake shiba inu (SHIB) as the world’s largest cryptocurrency, as the latter continues to surge on the basis of its recent announcement of a partnership with Deloitte, one of the ‘Big Four’ accounting firms.
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