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Time to Sell Cryptocurrencies? Thursday's Downfall Disturbs

26 November 2020, 17:24
Votes: 1

After the stable increase of the crypto assets during the last month, November 26 shook the financial community with a major assets’ sharp downfall. Bitcoin, Ethereum, and XRP dropped more than 10% and increased vulnerability. Login Casino analyses the latest cryptocurrency news and gives insight into the reasons for such a turn of tendency.

Time to Sell Cryptocurrencies? Thursday's Downfall Disturbs

November 2020 still can be considered as a successful month for the crypto assets owners as primary tokens have increased their value by more than 20%. The special attention was focused on Bitcoin, which smoothly increased from the $12 000 per coin to its almost record peak – $19 497. Ethereum owners were also happily calculating profits as the increase from almost $400 to over $600 per token looked optimistic for the whole sector.

However, more than a $2000 drop per one bitcoin during just one day bears a huge wave of rumors and assumptions concerning the short and long-term perspectives. Adding Ethereum's 13% and XRP's 20% downfall to Bitcoin's 11% level, forces one to look carefully at the digital assets.

What does November 26 crypto drop mean?

Some experts stay calm and explain the downfall as the natural market vulnerability. The price of the actives on exchanges is always floating, and cryptocurrencies aren't the exception. Such a position's supporters still predict overpassing the $20 000 point in the nearest days and talking about new highs soon. Such a sharp turn can also mean that big players simultaneously came to the market with the desire to sell coins, so the offer overwhelmed demand for some period.

Others still regard digital assets as the element of investment diversification, which isn't supported by the real value or a good. The US presidential elections increased the attention towards Bitcoin while launching Ethereum 2.0 with improved protocols added value to the second most capitalized token. Manipulations, which are also common to futures, can come to an end, and the sharp downfall is inevitable.

Read moreHow to understand the real difference between Bitcoin and Ethereum?

Read moreWhat do abrupt rises and drops mean: the instance of Tesla stocks


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