November Highlights: Bitcoin Hits 7-Year Low, Other Cryptos Slump

Dec 03, 2018 at 21:41

The world’s largest cryptocurrency closed November at a 37-percent loss, its worst since April 2011 when it shed about 39 percent.

On Friday, Bitcoin hit $3,878.66, a stark difference from opening November at the $6,300 level.

This puts the digital currency already losing 70 percent year to date and 80 percent from its record high achieved last year.

November’s performance is a reversal of the October performance which was met with a relatively high vely stable performance as virtual currencies traded at $6,400 without much struggle in volatility.

As for all major cryptocurrencies, the market cap took a $70 billion hit during the month, according to a report by CNBC citing data from the CoinMarketCap.com.

The world’s second largest cryptocurrency, XRP, fell 18 percent in November while ether dropped 43 percent.

For Genesis Global Trading, the month’s performance hints of a shady outlook on the fate of the crypto market for this month.

“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,” Michael Moro, CEO of Genesis Global Trading, was quoted.

The company official also cited the “messy” fork on the bitcoin cash network as pulling down the overall market sentiment.

“While the split occurred on a different blockchain, there were still spill-over effects on other cryptos, including bitcoin,” Moro said.

Still, he said Genesis maintains its positive forecast of buy-side interest at the $4,000 level.