November Ends As Worst-Performing Month for Bitcoin in 7 Years
Even though it is officially the last month of the year, one thing is absolutely certain; crypto enthusiasts will never forget November 2018. All records point to the fact that in terms of price declines in month-over-month, November was the worst-performing month that Bitcoin price has ever been in seven years.
Last month began with the average price of bitcoin across several exchanges at $6,341. But as of the time of writing, the price of the world’s largest cryptocurrency has fallen to $3,964. This drop in price signals a whopping loss of about $2,400 which represents a monthly performance of -37.4 percent. It is easy to see why November was the worst on record, especially when contrasted with August 2011 when Bitcoin dropped from about $8 to $4.80 to create a monthly loss of -40.
Due to Bitcoin making up 53.5 percent of the total cryptocurrency market – thereby giving it the crown as the “largest cryptocurrency in terms of market capitalization by a considerable margin” – it tends to lead other cryptocurrencies in the area of price performance. Little wonder that when the Bitcoin plunge happened, other digital currencies were also splashed in red and suffered massive losses as a result. It was so bad that out of the 25 largest cryptocurrencies in the world, only one was able to post a profit.
Bitcoin SV, the only profitable cryptocurrency last month, has only been in existence for 22 days, however. A result of it arising out of the Bitcoin Cash hard fork that took place in November.
Most of the cryptocurrencies recorded losses in the double-digits with Tezos (XTZ) being the hardest hit, thanks to a 61.5 percent loss. Bitcoin Cash (BCH) was not better off as it was just 3 percent behind Tezos.
In addition, the average performance of all the 25 digital currencies by market capitalization was -37 percent, while the average performance of the top 10 was a dismal -30 percent.
At the start of last month, “the total market capitalization recorded a value of $203 billion, as at today that figure is now $103 billion, a 35 percent loss.”
Ever since it reached an all-time high of $820 billion this January, the overall capitalization of the crypto market has suffered a loss of more than $690 billion, an 83 percent loss.
November will undoubtedly go down in history as the worst-performing month in seven years for Bitcoin. The price of the original cryptocurrency suffered a 35 percent crash while wiping off more than $90 billion from the market.
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