Last month, November 2018, will be an unforgettable month in the crypto market. It is a month that Bitcoin (BTC) investors will never forget. The digital currency market plunged deeply and almost all the digital currencies in the market were deep in the red. In a matter of weeks, some digital currencies declined by as much as 50 percent. Bitcoin (BTC) – the largest digital currency in the world – declined by 37% in November.
This is the highest rate of decline the digital currency has seen since April 2011 when it plunged by almost 40 percent. The recent plunge in the value of Bitcoin (BTC) came as a surprise to many, as the digital currency has been maintaining a stable price within the range of $6k and $7k.
Bitcoin (BTC) Decline from $6,300 to $3,458 in November
At the beginning of November, Bitcoin (BTC) was trading over the $6,300 level. However, the digital currency declined below the $3,500 mark in the course of the month. Bitcoin (BTC) surged towards the $20k mark in December, the all-time high of the digital currency. At the moment, Bitcoin (BTC) has lost over 70% of its value since the beginning of this year and 80% from its peak value in 2017.
According to coinmarketcap.com, the market cap of the entire crypto market plunged by $70B in the month of November. This is as a result of the massive plunge across the crypto market. The second largest digital currency in the world – XRP – was one of the least affected digital currencies in November.
XRP (XRP) declined by only 18% last month, this is mainly due to the strong resistance of the digital currency to contagious plunge in the market. Ripple Inc. and XRP saw a lot of developments and partnerships during that period, and this helped to preserve the value of XRP.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
While XRP only saw a loss of 18%, Ethereum (ETH) plunged by more than 43% in that same period. Bitcoin Cash (BCH) fell by more than 55 percent in November, one of the highest losses recorded in that month.
According to the CEO of Genesis Global Trading – Michael Moro – it did not take much for Bitcoin (BTC) to plunge deeply after it failed to remain over the $5,850 mark – which is its major support level. He said it is not clear if this is a bottom or a consolidation period before the plunge continues. However, buyers are still waiting to purchase more coins if it plunges further.
Moro said there was a slight increase in short interest in BTC as momentum traders piled on. He said, however, Genesis saw a nice buy-side interest level at the $4k mark. He also attributed the massive declines in the market to recent split on the BCH network which resulted in Bitcoin SV and Bitcoin ABC.
Moro said even though the split took place on a different blockchain, the effect spread across other digital currencies, Bitcoin (BTC) included. So as the value of Bitcoin (BTC) plunged, as a normal trend, the altcoin market follow suit. This led to a widespread, contagious decline in the market.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
