Ripple has continued its rise, remaining the second largest digital currency by market capitalization. At the same time, other cryptocurrencies are seeing modest declines. The top 20 cryptocurrencies fell by 4% in trading today. After rising a bit yesterday, Bitcoin — which is the world's largest digital currency — fell less than 1% and is trading at $5,560. That does not mean that it did not experience volatility. Its high today was $5,616 while its low was $5,490. Bloomberg Intelligence, which is the research division of Bloomberg L.P., recently released a report in which its analysts stated that Bitcoin could soon suffer a dramatic fall. They believe that it could drop as low as $1,500, which would represent a 70% decline from its current price. This year the currency has already lost in excess of 60% of its value. This past Thursday, Ripple once again overtook Ethereum to become the second largest cryptocurrency. It currently has a market capitalization of just a little under $20 billion while Ethereum's market capitalization is around $18 billion. For the day, Ripple has risen nearly 6% and is trading at $0.49. In spite of its rise, though, it is still below the $0.52 it was trading at on November 14. At the same time, Ethereum is down a just a little for the day and is trading at $170. The total market value of digital currencies has risen to about $183 billion after dropping on Wednesday. Total trading volume was light today, with around $13.5 billion trading. Just a two days ago, trading volume was around $25 billion. Meltem Demirors, who is the Chief Strategy Officer of CoinShares, recently said that the current volatility in the cryptocurrency markets was due to financial institutions pulling back in anticipation of the hard fork of Bitcoin Cash. Other industry analysts have echoed these remarks. Bitcoin Cash's hard fork happened on November 15, which was one day after markets sharply declined. Many digital currency exchanges around the world temporarily suspended the currency in response. Today it was down a little more than 4% and is trading at $385.
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