After Yesterday's Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum

Thursday, Nov. 15: yesterday's fall in crypto markets continues today, with Bitcoin dipping below the $5,400 mark, and total market capitalization dropping as low as $174 billion, according to data from CoinMarketCap.

After an extended period of low price volatility, crypto markets experienced a massive decline yesterday, Nov. 14, with Bitcoin dropping from its average trading price of around $6,400 to as low as $5,506.

According to BitMEX Daily Historical Bitcoin Volatility Index, Bitcoin volatility rate has exceeded the index of seven for the first time since April this year.

XRP is up 2.2 percent and trading at $0.464 at press time.

Ethereum has seen big losses over the past 7 days, down almost 17 percent.

Total market cap has dipped even lower today, dipping below $180 billion.

As of press time, market cap is $183.5 billion, seeing a slight rebound from $174 billion earlier the day.

Meltem Demirors, the Chief Strategic Officer of crypto exchange-traded products firm CoinShares has subsequently commented on the recent breakdown, claiming that the cause of the sudden bear market is that institutions are "Taking money off the table" due to the hard fork of Bitcoin Cash.

With that, Bitcoin Cash is suffering the biggest losses over 7 days period, at almost 30 percent as of press time, and is trading at $420. The Bitcoin Cash hard fork is scheduled for today, Nov. 15.

Yesterday, the world's largest crypto exchange OKEx announced early delivery of BCH futures contracts in order to avoid market manipulation and to prevent the crypto markets immense but expected "Short-time" volatility.