$6 billion left the crypto market in 48 hours: what's next?

[Paha87]

Over the past 48 hours, since November 7, the global crypto market has lost $ 6 billion from its capitalization, as the value has decreased from $ 220 to $ 214 billion.

On November 6, major cryptocurrencies including Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH), Stellar (XLM), and Cardano (ADA) recorded significant gains ranging from 5 to 30 percent, with BCH rising 40 percent in two days. However, after altcoins have demonstrated a significant increase in value, most major cryptocurrencies have undergone a re-test of strength.

All is well, on a monthly basis

Fueling the drop in Bitcoin Cash and a number of tokens with relatively small capitalizations, crypto-currency market recorded a decline of 2.7 percent in its market capitalization. But the monthly view of the market shows that since mid-October the market has gained in the assessment of more than 16 billion.

Since October 15, the crypto market has added $22 billion to its estimate, expanding by more than 11%. After a significant increase of 11%, a small correction over a 30-day period is normal, according to the traders.

Despite a 2.7% decline in market capitalization, the volume of major cryptocurrencies remains relatively high. In early October, the daily trading volume of BTC fluctuated around the $ 3.2 billion mark. As of November 9, the daily trading volume of BTC remains above $ 4.5 billion, which is 40% higher than in the last three weeks. A noticeable surge in trading activity of BTC and other major cryptocurrencies, such as Bitcoin Cash and Ethereum, is explained by the General increase in optimism towards the trend of medium-term growth in the market.

Many traders believe that the Bakkt futures market will act as the main catalyst for the next BTC rally, as unlike other trading platforms for futures trading, Bakkt physically supplies BTC to future contract holders and, therefore, institutional investors can really influence the price of BTC in a positive way.

While the General sentiment towards BTC and major cryptocurrencies is positive, the recent suppression of the decentralized crypto-exchange EtherDelta has led investors to more cautious investments in tokens.

Token problems

On November 7, it became known that the tokens could be in a broad correction in the coming months if the U.S. securities and exchange Commission (SEC) decides that most tokens are securities, according to current laws.

Over the past 24 hours, the decentralized crypto-exchange EtherDelta has been in the sights of the SEC due to the potential distribution of unregistered securities, and the categorization of tokens as securities could lead to a further reduction in the price of most tokens.

Already, the token market has significantly decreased and continues to decrease in volume, as can be seen from the sale of Polymath, 0x and Basic Attention.

Link to information resource - https://altstake.io/news/6-mlrd-pokinuli-kriptorynok-za48-chasov-chto-dalyshe