Bitcoin (BTC), Ethereum (ETH), XRP Suffer Price Crash Is This the End of Bull Cycle?

It seems that the bull-run started by the world’s largest digital currency by market capitalization Bitcoin (BTC) and followed by the rest of the cryptocurrency market is coming to an end now. The reason is that the top three digital assets in the world by market capitalization Bitcoin (BTC), Ethereum (ETH), and XRP have to go through price crashes over the last day. With a decline in the price value of these digital assets, almost the rest of the digital currency market has also turned slightly bearish.

Bears enter into the cryptocurrency market

Bears started taking hold over these digital currencies earlier today on the 26th of November when the world’s largest digital asset by market cap Bitcoin faced a flat price crash of more than $1,500 within the duration of just a few minutes. After facing this crash, the price value of Bitcoin has moved down to trade around the $16,500 level. Bitcoin’s price value is now trading reddish at the moment. At the time of writing, the price value of BTC is trading down by more than 12 percent in the last 24 hours.

Following the price crash of the leading cryptocurrency, the two largest altcoins in the world Ethereum (ETH) and XRP have also witnessed severe drops in their price values. Over the last day, the second-ranked cryptocurrency Ether has lost more than $100. By facing a decline of more than 16 percent in the last 24 hours, the price value of Ether is now trading at around $494 at the press time. While on the other hand, the third-ranked cryptocurrency XRP is also now facing the resistance of $0.50 once again. After recording a yearly high of $0.76, the price value of XRP has plummeted down to $0.48 where it is currently trading with a negative change rate of 29 percent over the last day, at the time of writing.

Looking at the price drops of these major cryptocurrencies, it seems that bears have once again entered the cryptocurrency market and they have started showing their influence over the prices of digital assets.

Their market capitalization also dropped

They have not only faced a decline in their price values but their market capitalization has also dropped down. According to the data from CoinMarketCap, Bitcoin has lost more than $30 billion in its market cap which has now moved down to the level of $307. This loss has also affected the ranking of Bitcoin in the list of the world’s top assets by market cap as the leading digital coin has now moved down to the 20th spot.

While on the other hand, the market cap of Ethereum and XRP is now standing at $56 billion and $22 billion respectively. A further drop in the price value of XRP could put its third spot in danger as Tether might be able to take its place in that case.