Bitcoin and Ethereum are going down: how bad is it and how soon will it pass?

Like gravity, the value of most digital assets continues to fall rapidly and doesn’t seem inclined to stop yet. The reason is the same — the problems of FTX and Alameda Research and the showdown with Binance. So, on the night of November 10, Bitcoin price fell below $15.6K and Ethereum price broke through the level of $1.1K. It looks like Black Friday, which is likely going to turn into a “week,” and possibly a “month.” 

What’s going on in the crypto market?

According to CryptoMarketCap, the total capitalization of the cryptocurrency market has declined by 2.63% to ~$831.74B in the last 24 hours. 

It seemed that yesterday’s market decline will stop and the bottom was reached, but today the quotes dropped even lower. As a result, 1 BTC is ~$16.5K at the moment of writing this article (minus 1.17% per hour, -5.86% per day, and -18.81% per week), Ethereum is trading at $1.17K per coin (minus 0.94% per hour, -0.12% per day and -23.81% per week). 

As for the main cryptocurrency, according to analysts, the decline in the value of BTC may continue up to $15K, and the recovery will begin only in early 2023. Among the top 10 digital assets by market capitalization, the largest negative trend is also at: 

• #9 Dogecoin (is worth $0.8118): – 3.2% per hour, -2.22% per day and -39.36% per week;
• #7 XRP ($0.358 per coin): – 1.18% per hour, -3.38% per day and -21.96% per week;
• #4 BNB (current price is $273.86): – 1.48% per hour, -8.09% per day and -17.49% per week;
• #8 Cardano (costs $0.3466): – 1.56% per hour, -2.07% per day and -12.44% per week;
• #10 Polygon ($0.9048): – 2.75% per hour, -0.15% per day, and -6.21% per week.

You can find the data below.

As a reminder, on November 6, Binance announced its plans to get rid of the FTX token (FTT). The total amount of assets (together with BUSD) was about $2.1B. Fears about the financial stability of FTX caused the value of the native coin to collapse by more than 70%. 

Later, Sam Bankman-Fried and Binance CEO Changpeng Zhao agreed on a strategic partnership that was to solve all problems with the takeover of FTX. However, already on November 9, Binance refused to buy the competitor. This was the last straw, which caused the collapse of the market as a whole. 

You can clearly see in CryptoBubbles what deplorable condition the market is in now. During the last week all but one coin from the top 100 fell in value.

Survivor and survivors

The only token that still keeps afloat when others are successfully going down is OKB. It is a native cryptocurrency of the exchange of the same name, which confidently holds weekly growth despite the market situation. Thus, at the time of writing, the coin is trading at $19.1, with a weekly gain of 18.4%.

The truth is not all as rosy as it may seem, there is a probability that OKB will decrease in value in the nearest future because the coin has lost more than 12% in a day. And there is less and less hope for recovery. Experts believe that the token is unlikely to retain its position. The only condition for OKB is to hold above $18, but if it falls below that, it will join the rest of the crowd, and it will be very difficult to rise afterward. 

Another token that is also holding more in the green zone for now, but is about to fly down permanently, is Polygon’s MATIC. The coin has maintained more than 9% gains since last week but has started to lose its gains since the news about FTX. As of this writing, the token is trading at $0.9401 per coin, with an hourly gain of 0.64%. However, given the situation in the market, even such a small positive percentage gives a chance of a revival.