Weekly Crypto Report (14 – 21 November)
As we pass through the mid of November the big question still stands, is it time to get in on the low or is it time to cut the losses and get out? The bear market has brought a lot of uncertainty to investors and it is unsure if it will rise anytime soon.
The cryptocurrency market as a whole has experienced a massive crash with all the coins plummeting to record lows. Even big coins such as BTC have hit a low point where it hasn’t been for at least a year.
For the whales and for those who have nerves of steel they say that it is the perfect time to invest while the market is in rapid decline. Many believe that cryptocurrencies have been too established to stay below water and that they will eventually make the upward curve again.
It is still believed that crypto coins coupled with blockchain technology will become more and more mainstream, although it is tough to imagine that after this week’s market crash.
Bitcoin (BTC) – Down $1,809.87 (-25.5%)
This is a shocking turn for BTC over the last week as it is at a record low with this 25.5% crash. It takes the coin as low as $4,537.25, where it has not been for more than a year.
After starting the week at $6,347.12 it stayed fairly level for all but a few hours and come Wednesday evening it saw its first big decline of the week taking it down as far as $5,573.35. After that shock investors were getting new hope as it leveled out again and stayed fairly stable for a few days.
That was the case until the rapid plummet on Monday afternoon where it declined for almost 2 days straight at a speed never seen before. It went as low as $4,279.24 on Wednesday morning.
On the bright side, it did rise slightly towards the end of the week, but hardly something to celebrate about after the damage that has been done.
Start – 11/14 Wed 11:59 am: $6,347.12
Finish – 11/21 Wed 11:59 am: $4,537.25
Ethereum (ETH) – Down $71.31 (-34.6%)
ETH also continues its downward spiral which just seems to be getting worse and worse. With almost a 35% decline it is hard to see any positive aspects. The only good thing to take is that if you were waiting for low prices to buy more coins then the time is now. ETH has not been this low since it got started back in early 2017 after which it has been on the rise and looking strong. Now, however, things look a bit different.
At the start of the week, there was stability in the market for about 4 hours before ETH saw its first rapid decline down to $174.45. After that drop, there was another period of relative stability until Monday morning when investors and traders received quite the shock.
From there on the market had 2 days of nonstop decline bringing ETH to where it is now at this shocking low. During this decline, it did see a small rise of about $15 but after that, it fell even further.
There are many questions being asked and not many answers to be found.
Start – 11/14 Wed 11:59 am: $206.20
Finish – 11/21 Wed 11:59 am: $134.89
Ripple (XRP) – Down $0.07 (-13.7%)
After XRP spiked at the beginning of the year it has just been falling ever since. This week was no different. Along with the rest of the cryptocurrency market, XRP experienced some drastic dips. However, it did not go as deep underwater as BTC and ETH.
After a few hours of stability at the beginning of the week, there was a very sudden drop down to $0.43 on Wednesday evening, which was also the weekly low point. After that drop, it slowly climbed again with some subtle up and down fluctuations. It climbed as high as $0.52 on Sunday afternoon only to be met by some more dips. The most drastic of the declines was on Tuesday afternoon when it saw an immediate drop of $0.06.
Thereafter it saw some more up and down fluctuations but overall it slowly increased again to where it is at week’s end.
Start – 11/14 Wed 11:59 am: $0.51
Finish – 11/21 Wed 11:59 am: $0.44
Litecoin (LTC) – Down $16.07 (-32.3)
LTC is another case of some drastic drops in the cryptocurrency market. These drops make you have to question the basis of this market.
LTC had a similar road as the other coins with a rapid decrease on Wednesday evening falling as much as $6. After that initial drop, it had continuous one dollar up and down fluctuations until Monday evening when it started another rapid descent. It continued to decrease until the end of the week when it finished at $33.67.
Start – 11/14 Wed 11:59 am: $49.74
Finish – 11/21 Wed 11:59 am: $33.67
Bitcoin Cash (BCH) – Loss of $286.78 (-55%)
Out of all the cryptocurrencies that we review on, BCH had by far the toughest week. It saw a total drop of 55% which is huge and definitely strikes fear into investors. Without a doubt, investors who were still on the fence are now looking elsewhere.
With that being said, there is always the possibility of a low market being the perfect opportunity to invest more before it climbs again.
The entire week it has pretty much a slow and steady decline with no hope in sight. Slow and steady except for Tuesday morning when it saw a sudden plummet. It dropped from $336.32 to $236.72 in a matter of 10 minutes. This left investors in shock.
The question is if BCH, and the rest of the cryptocurrency market, can recover after this devastating week. When it comes to the market, normally there is always another up or a down to come.
Start – 11/14 Wed 11:59 am: $521.07
Finish – 11/21 Wed 11:59 am: $234.29