On Friday, November 15, the cryptocurrency markets mostly showed negative movement. Bitcoin failed to impress investors and analysts as it moved below the $8,500 mark. For most of the trading day, Bitcoin had been trading within a narrow range, between $8,600 and $8,700. It took a sudden swing to less than $8,500 near the end of the trading day. Its closing value for the day was about $8,480. This was a loss of 1.85 percent for the day.
Even though Bitcoin struggled, a pro-Bitcoin Wall Street strategist said that he believed the high expectation of $25,000 per coin set by Fundstrat for 2022 is still a solid possibility. Tom Lee went on to say that a cryptocurrency is a network value asset, and the more people who hold it, the higher the value it has. He thinks that doubling the number of people who have it yields a quadrupling of value. His assertion is that a fourfold increase in the value would only need a doubling of the number of people who hold it.
As for Ether, it was holding around $180 per coin. Its moves mirror those of Bitcoin most of the time. It lost about 3 percent for the day. XRP also saw a drop of about 3.2 percent on the day. Its closing value was about $0.261 per coin. It has also lost value over the past several days.
One analyst figured that XRP would drop more, to about $0.24 per coin. It might even go as low as $0.22 per coin. Nearly all of the top 20 cryptocurrencies lost value for the day. Tezos got the dubious honor of being the biggest loser on the day, with a decrease of 5 percent for its value. Monero had a similar loss. The only exception for the day was Cardano, which is the 12th largest coin when taking a look at the market cap. It had an increase of about 2.5 percent on the day. As of the end of November 15, the digital coin market capitalization was about $232.7 billion. Bitcoin was around 65.9 percent of it.