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Crypto market sees sharp decline post recent recovery

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After recovering from the dip on Sunday, the cryptocurrency market has yet again taken a dive. As Bitcoin (BTC) slumped below the $5,000 mark, some top 20 cryptocurrency companies fell by 20 per cent at press time, the CoinMarketCap reported.

Although BTC had climbed to the green zone on Sunday, it fell by more than 10 per cent the following day. Losing 21.37 per cent, BTC is now trading at $4,977 at press time.

Losing 21.37 per cent, BTC is now trading at $4,977 at press time.

Ripple (XRP) fell by 2 per cent. It is now trading at $0.495. It managed to climb over Ethereum (ETH) on November 15 to assume the position of the second biggest coin via market capitalization. XRP has managed to retain the newly attained second position. Further, the market cap for ETH is currently at $15.8 billion, while that of XRP is about $20 billion.
Ethereum, a company co-founded by Russian-Canadian programmer Vitalik Buterin, has dipped by over 13 per cent in a span of 24 hours. It is now trading at about $153 at press time. The highest mark obtained by ETH was $179.70, while its lowest was $150.80. The altcoin has lost around 27 per cent as per the weekly review.

The cryptocurrencies suffering major losses are Dash, Ethereum Classic, and Tezos that slumped by 16, 16.05, and 21.71 per cent, respectively.
Moreover, the total market capitalization touched its lowest point in the weekly chart on Monday, as it went down to $164 billion. The volume of trade stands at $19.6 billion.

The cryptocurrencies suffering major losses are Dash, Ethereum Classic, and Tezos that slumped by 16, 16.05, and 21.71 per cent, respectively.

Amid this steep fall in the crypto market, a bullish report was released by KPMG, an auditing company of the 'Big Four'. The report states that institutional investors need to unite with the crypto industry so "it can "realize its potential."
"In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore," states the report.

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