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November Was The Worst Month For Bitcoin In Last Seven Years

bitcoin drop

In November 2018, Bitcoin price demonstrated the worst dynamics in the last seven years. If on November 1, the weighted average price of BTC was $ 6340, then today, December 1, Bitcoin was trading around $ 3980.

Thus, within only one month the rate of the first cryptocurrency decreased by $2400 or for 37.2%. The result in far August, 2011 when in 30 days the price of BTC fell from $8 to $4.80 (-40%) was worse.

As before, Bitcoin is the largest cryptocurrency by market capitalization ($ 69 billion), while its market dominance index is 53.6%. The remaining digital assets continue to respond sharply to the slightest fluctuations in the BTC price. As a result, the most numder of cryptocurrency ended last month with a negative result.

For example, the first 25 cryptocurrency assets in the rating of CoinMarketCap, only Bitcoin SV, the fork of Bitcoin Cash, demonstrated a positive trend in November. Note that this cryptoactive "was born" less than a month ago, on November 15.

On the chart above, you can see that in almost all of the most cryptocurrencies, the magnitude of losses during the month is measured in double digits. Tezos (XTZ) showed itself the worst, the price of which decreased by 61.5%. Slightly better result was shown by the main fork of Bitcoin - BCH (- 58.5%). TOP-10 cryptocurrencies dropped by an average of 30% by the end of the month.

Note that the record indicators of the total market capitalization were recorded in January 2018 ($ 834 billion). Since then, the total value of cryptocurrencies on the market has decreased by $ 690 billion.

Earlier, a Twitter user named Plan B came to the conclusion that Bitcoin will start to increase one year before the halving, to be held on May 25, 2020.