Market Update 11.20.18 – Bitcoin Drops below $5000

| Publish date: 11/20/2018
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Bitcoin Drops below $5000

The price of Bitcoin has dropped to below $5000 in the last 24 hours, making it the lowest the number one cryptocurrency has been since 2017. The crypto’s price is currently at $4677.21 per token, which is approximately a 40% year-on-year loss. It is interesting that this massive drop comes during a month that has traditionally been very strong for the cryptocurrency market.

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Since pricing data was collected for cryptocurrencies for the first time in 2010, BTC has gained in value in the month of November seven times. At this point, the entire cryptocurrency market is down, having shed $50 billion and a massive 23% for its total market capitalization to the currently value of $152.89 billion.

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Catalan Government Considering Blockchain for Voting

The Catalan government’s director of the Citizen Participation, Ismael Pena-Lopez stated that they were considering using Blockchain technology for the country’s voting system. In October, Catalonia’s Generalitat approved a preliminary bill that was focused on establishing an electronic voting system during major elections as well as other voting processes for its citizens residing abroad.

Lopez stated that the Catalan government would hoping to introduce this system by 2020. The director said that they were also hoping to extend the facility for electronic voting to all voters within the same time frame.

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MinerGate Releases Final xFast Miner Version

The mining pool platform that is host to more than 3.5 million miners across the globe, MinerGate has released its final iteration of their xFast Miner engine. The founder and Chief Executive Officer of MinerGate Claude Lecomte said that this new version of the mining engine has significantly increased their platform’s functionality as well as performance.

MinerGate, in this latest version of the engine, has increased the mining speed of all of its supported cryptos, which include Bitcoin, Bitcoin Gold, Monero, Zcash among others. The new mining engine now boasts of being able to improve mining performance by up to 20% in relation to hashrate.

Find out more about the story here.

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Total Market Cap: Nov 20

The cryptocurrency market’s downslide continues and now the capitalization has dropped to $143.83 billion. Trading volumes are higher at $21.72 billion.

Bitcoin Price Analysis: Nov 20

Since yesterday, Bitcoin’s token price has plunged 17.18% to a current trading price of $4,442.51. The number cryptocurrency’s market capitalization has dropped to $77.23 billion and trading volumes are up to $7.44 billion.

Ethereum Price Analysis: Nov 20

Ethereum has dropped by another 16.01% since yesterday to a price of $133.51 and its capitalization is now $13.79 billion. Trading volumes are high at $2.75 billion.

State of the Top 10 Cryptocurrencies: Nov 20

The cryptocurrency market is currently experiencing a bloodbath, with most experiencing losses in the double digits. Of the top ten cryptos, all of which are in a freefall, the biggest losses are being experienced by BCH (down a massive 44.93%), XMR (fallen 20.05% so far) and Cardano (down by 19.18%).

  • Bitcoin’s price is $4442.51, nosediving 17.18%. The market cap of the token is $77.23 billion.
  • Ripple’s price is $0.423673, nosediving 11.35%. The market cap of the token is $17.08 billion.
  • Ethereum’s price is $133.51, nosediving 13.79%. The market cap of the token is $13.79 billion.
  • Stellar’s price is $0.190278, nosediving 18.01%. The market cap of the token is $3.64 billion.
  • Bitcoin Cash’s price is $202.79, nosediving 44.93%. The market cap of the token is $3.54 billion.
  • EOS’s price is $3.58, nosediving 15.94%. The market cap of the token is $3.24 billion.
  • Litecoin’s price is $33.82, nosediving 13.14%. The market cap of the token is $2 billion.
  • Tether’s price is $0.983707, nosediving 1.25%. The market cap of the token is $1.72 billion.
  • Cardano’s price is $0.044758, nosediving 19.18%. The market cap of the token is $1.16 billion.
  • Monero’s price is $65.51, nosediving 20.05%. The market cap of the token is $1.08 billion.
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