Top 20 Cryptocurrencies In Red As Bitcoin Falls Below $8,000: Thursday Market Watch

It’s safe to say that the cryptocurrency market has seen better days. In just a few days, it lost around $20 billion of its total capitalization and it currently stands at $218 billion – a decrease of more than 8%.

All of the top 20 cryptocurrencies are trading in the red with absolutely no exception. Regardless of whether it’s against the USD or against Bitcoin, altcoins are bleeding. TRON (TRX) has lost the most over the past 24 hours as it’s down by 6.63%, followed by Binance Coin (BNB) with 6.52% and Cardano with 6.06%. On the contrary, Tezos is the best-performing altcoin amid the recent declines as it’s down by only 0.02% on the day.

XTZ’s performance in November has been nothing short of impressive, as the cryptocurrency is up more than 33% since the beginning of the month. The spike came as Coinbase, the largest US-based cryptocurrency exchange, announced that users will be able to stake XTZ and receive rewards for it.

This latest retrace comes as Bitcoin broke below the support at $8,000 which has been holding it for the past 3 days and it currently hovers around $7,900.

BTCUSD Price Chart TradingView-min
BTC/USD. Source: TradingView

As CryptoPotato reported, the next important support lies in the area between $7,700 and $7,800 and if it fails this could open up the way for a further drop to $7,400. Interestingly enough, Bitcoin’s dominance has increased amid the most recent declines and it currently stands at 66.2%, meaning that altcoins weren’t able to capitalize on the drop.

Total Market Capitalization: $218 Billion | Bitcoin Market Capitalization: $144 Billion | Bitcoin Dominance: 66.2%

Major Crypto Headlines

Won’t Happen With Bitcoin: Bank Of America Shuts Down Ex-PayPal CFO’s Bank Account. One of the largest US-based banks, Bank of America, recently shut down the account of PayPal’s former CFO. The bank sent him a 30-day notice without providing any explanation, despite the fact that he had been a customer for over 20 years. The crypto community reacted quickly by pointing out that this could not happen with Bitcoin.

HODLer: PayPal CEO Dan Schulman Admits That He Owns Bitcoin. PayPal’s CEO openly admitted that he owns only one cryptocurrency – Bitcoin. He also spoke about the company’s goals and its recent departure from Facebook’s future blockchain project – Libra.

CFTC Chairman Bullish on Bitcoin and Blockchain. While some regulatory agencies around the globe are having difficulties with grappling and understanding Bitcoin and blockchain, CFTC might actually be supporting them. The Chairman of the Commodity Futures Trading Commission, Heath Tarbert, recently said that his agency wants to regulate cryptocurrencies in regards to illicit activities but wants them to continue innovating.

Significant Daily Gainers and Losers

EDC Blockchain (26.36%)

EDC just broke into the top 100 cryptocurrencies by market capitalization with notable surges of over 26% against the dollar and 28% against BTC. This increase means that EDC is now trading at $0.015 and 189 SAT. The company recently announced that the official representative office will open in Ankara, Turkey. Additionally, they will be hosting a Blockchain Educational Seminar in Venezuela.

DigiByte (11.61%)

In a predominant bearish market, DGB is among the biggest gainers in the top 50 cryptocurrencies over the last 24 hours. The price increases with 11.61% against the dollar and is trading now at $0.0075. Its value against Bitcoin is surging with over 13% and is now at 94 SAT. This might be as a result of the recently announced DGB listing on DigiFinex.

Komodo (-12.66%)

With so much red in the market today, the most significant loser at the moment appears to be Komodo. KMD has lost around 12% of its value against both USD and BTC – it’s currently at $0.76 and 9524 SAT. Oddly enough, this decrease comes after news from the company showing further developments and listings on their platform – AtomicDEX.

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Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.