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Markets Fail a Firm Rebound Attempt, Some Altcoins See Notable Daily Gains


Markets Fail a Firm Rebound Attempt, Some Altcoins See Notable Daily Gains

While major coins continue to see slight losses, some altcoins have made gains over eight percent on the day

Tuesday, Nov. 24: Bitcoin (BTC) has failed to hold $4,000 support that it challenged yesterday, while most major cryptocurrencies by market cap have seen losses over the past 24 hours, according to CoinMarketCap.

9 of the top 20 cryptocurrencies are seeing mild gains today, with the ZCash (ZEC) and NEM (XEM) prices increasing by more than 10 percent and 8 percent on the day, respectively.

Market visualization

Market visualization from Coin360

Bitcoin is trading at $3,766 at press time, up around 0.28 percent over the past 24 hours. After dipping to as low as $3,601 on Nov. 25, the major cryptocurrency briefly broke $4,000 yesterday, but failed to hold the gains. Bitcoin has been trading around the $3,700 threshold over the day, with intraday high briefly spiking to as high as $3,823, and intraday low of $3,643.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the second largest coin by market cap, is slightly down 1.30 percent, trading at $0.349. On its weekly chart, XRP is down over 20 percent.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Bitcoin SV, the hard fork of Bitcoin Cash (BCH), is the ninth top cryptocurrency by market cap, with total market capitalization of around $1.7 billion. The forked coin is down almost 10 percent on the day, and is trading at $95.28 at press time.

Total market capitalization is $122 billion at press time, fluctuating around $120 billion throughout the course of the day.

Total market capitalization 7-day chart

Total market capitalization 7-day chart. Source: CoinMarketCap

Earlier today, Bloomberg reported that major U.S. stock exchange Nasdaq still intends to launch Bitcoin futures in the first quarter of 2019 despite the recent crash.

Yesterday, the chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton reiterated the commission’s strict stance on Initial Coin Offering (ICO) compliance. In an interview with CNBC, Clayton stressed the need to conduct public token sales in compliance with SEC requirements, claiming that most ICOs should be considered securities.

Crypto investor Anthony Pompliano claimed that Bitcoin would likely drop to 85 percent below its all-time-highs and will stabilize around the $3,000 threshold. While Pompliano said that Bitcoin is the “best performing asset class over the past ten years,” he still claimed that the major cryptocurrency was “overvalued” in December 2017, when Bitcoin hit $20,000.

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