Why is the crypto market down today?

Price action across the cryptocurrency market is seeing downside in recent days, led by declines in top-ranking cryptocurrencies, Bitcoin (BTC) and Ether (ETH).

As of Nov. 15, the crypto market’s net capitalization was down over 6% to $1.32 trillion when compared to its local high of $1.41 trillion from two days ago. 

Crypto market cap vs. BTC/USD and ETH/USD year-to-date returns chart. Source: TradingViewWhy is the crypto market down?

The recent decline in the crypto market can be attributed to several factors, as explained below.

“Overbought” correction

The crypto market’s recent decline occurred largely due to its excessively overbought conditions.

Notably, all the major cryptocurrencies…

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