Top Cryptocurrency Prices November 17: Ether, Cardano, Binance Coin down about 3% each

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Major cryptocurrencies were trading in the red early on November 17 as the global crypto market cap declined 1.21 percent to $835.92 billion over the last day. The total crypto market volume dropped 3.36 percent to $60.72 billion, over the last 24 hours.

The total volume in DeFi stood at $3.30 billion, which is 5.43 percent of the total crypto market 24-hour volume. The volume of all stable coins was $57.26 billion, which is 94.30 percent of the total crypto market 24-hour volume.

The price of bitcoin, world's largest cryptocurrency, hovered around Rs 14.30 lakh with a dominance currently 38.40 percent, an increase of 0.20 percent over the day, according to Coinmarketcap.

Also Read | How Sam Bankman-Fried’s crypto empire collapsed

In other news, a study of how retail investors use cryptocurrency exchange apps suggests about three-quarters have lost money on Bitcoin, according to the Bank for International Settlements.

Data spanning 95 countries from 2015 to 2022 indicates the vast majority of app downloads occurred when Bitcoin’s price was above $20,000, the working paper from the Basel, Switzerland-based BIS says.

The analysis says if we assume each new user bought $100 of Bitcoin in the month they installed the app and each month thereafter, 81% would have lost money. Read more here.

Also Read | Why publishing proof-of-reserves paints only half the picture of a crypto exchange’s health

As of 7:38 am on November 17, these are the prices of the top cryptocurrencies (data from WazirX):

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