Ripple Continues to Rebound, While Most Major Cryptocurrencies See Mild Wave of Red

Saturday, Nov. 17: crypto markets have seen another mild decline, with losses across the top 20 coins by market cap reaching 4 percent over the past 24 hours.

In contrast, Ripple, which is still holding strong as the second coin by market cap, continues to see sufficient gains as of press time, according to data from Coin360.

After seeing a small rebound yesterday, the largest cryptocurrency Bitcoin is very slightly down over the past 24 hours.

According to Bloomberg's research arm Bloomberg Intelligence, the cryptocurrency market "Drama" is "Just starting," with analysts predicting that Bitcoin's price would take a further dip to as low as $1,500.

Such a decline would mean a 70 percent drop from current market levels, while Bitcoin has already lost more than 60 percent of its value over the year.

Ripple, which overtook Ethereum in terms of market share on Thursday, Nov. 15, continues to hold its place as the top altcoin, with a market cap of $19.9 billion, while Ethereum's market cap amounts to about $18 billion as of press time.

Total market capitalization of all cryptocurrencies is slightly on the rise, recovering from Wednesday's drop and hovering around $183 billion.

Recently, CoinShares CSO Meltem Demirors argued that one of the reasons the market has been seeing volatility this week was that institutions are "Taking money off the table" in anticipation of Bitcoin Cash's recent hard fork.

The Bitcoin Cash hard fork took place on Nov. 15, the day after crypto markets have suffered a notable decline.

The protocol upgrade has divided Bitcoin Cash supporters into two groups who disagree about how the network should be updated - Bitcoin ABC and Bitcoin SV. According to BCH community-backed statistics website Coin.Dance, Bitcoin ABC is currently slightly ahead of SV in terms of hashrate and proof of work by press time.