The current moment started out with some gains, although modest for most of the cryptos in the market, with some top trading cryptos already collecting gains against the fiat.
However, a bit over a week later, every crypto enthusiast and investors could witness a yet unrecorded dip in the current year when the entire cryptocurrency market crashed on November 14th.
While Bitcoin Cash, for example, was already dipping -50% in its weekly chart on November 15th, presumably due to the upcoming hard fork that took place on the mentioned date, other cryptos were going down altogether for other reasons.
It appears that the market is dealing with a prolonged market dip, but everyone is still wondering why the crypto market dropped heavily in 14th of November.
November 14th and the Major Dip: Massive Selloff in the Market or Something Else?
Bitcoin Cash definitely started to drop due to the hard fork that took place on November 15th as a result from major disagreements between Bitcoin ABC and Bitcoin SV, the teams previously leading Bitcoin Cash chain.
The drops took place only a day before the hard fork became official and the chain split in two, immediately imposing dips on BCH.
However, Bitcoin Cash wasn’t the only crypto losing on its value at an accelerated rate during the major dip on November 14th, although it was most certainly the “biggest loser” among the list of top 20 trading cryptocurrencies.
Top trading cryptos like Ethereum and Bitcoin started to drop as well, rushing down unwillingly to touch new lows with BTC now trading even below the value of 4,400$, making a brand new low on November 23rd.
Crypto Market Today: All
Price 24H (%) 3.21% 2.08% 1.28% 0.89% 2.93% 2.65% 0.06% 0.47% -0.14% 4.44% 2.11% 1.87% 0.01% -2.96% 2.02% 0.17% 0.89% -2.58% 1.96% 0.03% 0.47% 1.32% 0.16% -5.37% 1.57% 2.20% 3.81% -0.28% -4.11% 1.39%
Moreover, there were some cryptos that appeared to be immune to the dip as Ripple’s XRP managed to reach the spot of the second-largest crypto despite the dips.
XRP even made it out with some gains that took Ripple’s currency to a rebound in the middle of the dropping market, however, not even XRP was able to resist the dips later on, already down by -13% in a week at this point.
Judging by all factors involved, it appears that the dip that took place on November 14th was nothing more than a major selloff of cryptos that eventually erupted into a massive market crash.
Why Are Investors Selling Off Cryptocurrencies?
The obvious fact is that the year of 2018 is indeed marked in negative market trends for cryptocurrencies.
November dips demonstration is not a lonely case in 2018 even though the 14th of November took billions of dollars from the total market cap of cryptocurrencies in only two weeks with Bitcoin going down from 111 billion dollars to 75 billion in market cap it now counts.
If major selloffs are what is causing the market to crash, it is presumed that investors are fleeing the “sinking ship” as they are trying to cut on more losses and leave the crypto market before they lose more of what they have previously invested.
The fact that the market has been recording frequent bearish trends is not helping the cryptocurrencies, thus major selloffs are more likely taking place, finally having a horrifying crescendo in November after almost a year-long dipping.