Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies’ market value
- The world’s largest cryptocurrency struggled to break above $4,000 on the last day of November, after starting the month well above $6,000.
- The market capitalization of all major cryptocurrencies took $70 billion hit for the month, according to CoinMarketCap.com
- “It’s unclear if this is a ‘bottom’ or a brief period of consolidation before next move down, but buyers are still maintaining some cash on the sidelines in case it does go lower,” said Michael Moro said, CEO of Genesis Global Trading.
November will be a month to remember for bitcoin investors.
The world’s largest cryptocurrency ended November down 37 percent, its worst drop since April 2011 when the cryptocurrency fell about 39 percent, according to data from CoinDesk.
Bitcoin hit a low of $3,878.66 Friday after starting November above the $6,300 mark. The digital currency is now down more than 70 percent since the start of 2018 and 80 percent from its all-time high hit late last year.
The market capitalization of all major cryptocurrencies took a $70 billion hit for the month, according to CoinMarketCap.com. XRP, the world’s second largest cryptocurrency, dropped 18 percent in November while ether fell 43 percent in the same time period.
For bitcoin, this month’s price performance was a stark turnaround from its relatively stable October. The cryptocurrency traded near $6,400 without much volatility as global markets fell.
- Read more on CNBC.