Crypto Markets Turn Red While BTC Fails to Impress Below $8,500

Published on by Cointele | Published on

Friday, Nov. 15 - Crypto markets are mostly showing red candlesticks, while Bitcoin fails to impress as it crawls its way below the $8,500 price point.

For most of the day, the world's largest cryptocurrency has been trading within a tight range between $8,700 and $8,600, while taking a sudden swing below the $8,500 price mark during recent hours.

Bitcoin is currently trading at a price of $8,480, showing a loss of 1.85% on the day.

"Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it's a log function - so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin."

The number one altcoin has been trading in perfect sync with BTC, showing downward price behavior leading to its current trading position, courtesy of a loss of almost 3% on the day.

XRP, the third-largest coin by market capitalization, is no exception to today's trend of red candlesticks and has been consistently losing ground in the past few days.

The token sits at around $0.261 per coin, down 3.20% on the day at press time.

Most of the top 20 coins are showing red candlesticks, with Tezos taking the title of biggest loser, showing a loss of more than 5% on the day.

Monero follows closely with a similar loss on the day, and is trading at $62.5 per coin.

The overall cryptocurrency market cap currently sits around $232.7 billion, with Bitcoin making up 65.9% of the total.

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