The month of November proved to be one of the worst months for the crypto market since it was created with over ⅓ of market cap, $70 billion, vanishing in 30 days time. For the past ninth months the market has fallen and December currently holds no promise to turning that around. All altcoins and Bitcoin reached their lowest marks for the year in November with the sharpest single month decline in over four years.
This morning the top ten are soaking in red including Tether which is now valued at $0.99. Only six out of the top hundred are reporting the green this morning, with most coins recording losses of 5% or greater.
At time of writing Bitcoin is currently down -6.6%, XRP -4.8% and ETH -7.5%.
The November Losses
Bitcoin began the month of November at a valuation of a then stable value of $6,500. In less than two weeks time, Bitcoin’s value fell to a new yearly low of $3,600. On November 30th Bitcoin was valued at $4,280 which has since plummeted to $3,880 at time of writing. Bitcoin lost 45% of its value between the 1st and 25th (the Nov. low).
XRP stole the 2nd position from ETH during November and has since retained a $3 billion steady lead over its contender. XRP performed exceptionally well against the majority of other coins recording only a 15% loss for the month of November.
Ethereum took the hardest hit during November recording a momentary 50% loss as its value narrowly avoided dipping below $100 for the first time in 18 months. Ethereum’s low for November was $101 and it opened the month with a valuation of $200.
Other major altcoins including EOS, Cardano and XLM all recorded losses in the 35% to 45% range. BCH suffered terribly after it experienced its hard fork on November 15th dropping 60% from its pre hard fork value. Before the fork BCH was valued at $420 but at the end of November it had dropped to a measly $170.
November was a grim month for cryptocurrency and the first weekend of December has alleviated none of the pain.