It’s no secret that 2018 has proven to be a rough year for the cryptocurrency markets, which have seen their market capitalization plummet from highs of over $800 million in January of 2018 to recently to recently establish yearly lows of under $120 billion. November, the season of autumn, has led not only the leaves from trees to shed but also doing the same job with cryptocurrency market too. Over the last week, the Bitcoin price has dropped more than five percent from $4265 to $4030, demonstrating a decline in daily volume. On fiat-to-cryptocurrency trading platforms like Coinbase and Bitstamp, the dominant cryptocurrency as dangerously close to dipping below the $4000 support level. A drop below the $4000 mark could disallow a short-term corrective rally to the mid-$4000 regions in the short term. On December 3, BTC was valued at $3826.
The poor market performance can be attributed to little more than the market cycle and has left many investors ordering when the markets will recover. Despite the positive developments occurring, a legendary investor warns the markets may be entering into nuclear winter while technology is exciting and does have an exciting future.
The industry lost close to $70 billion worth of market capitalization. BTC, the world’s largest cryptocurrency, established an aggregated low at $3606 after dropping from its monthly high at $6540. That marks at 44.8% drop between the month’s peak and bottom level. Other top-level cryptocurrencies also didn’t fare well during the November bloodbath. It has been trading at 80% from its late 2017 highs of nearly $20,000.
Last week, fuelled by the corrective rally of BTC, major cryptocurrencies in the likes of Ripple (XRP) and Ethereum (ETH) recorded gains in the range of six to nine percent with ETH rebounding to $115. The cryptocurrency market has added $11 billion to its valuation and tokens such as VET or ZIL have recorded gains of around 15 to 20 percent.
XRP, noted a 40.4% drop between its topmost and lowermost levels, while Ether fell 47.5% within the same parameter. Stellar, the fourth largest cryptocurrency, survived with 30% of its market cap and value wiped off in November.
Last week!
Throughout the past two days, BTC has shown some strength in the low range of $4000 to $4100, demonstrating the refusal of buyers to enable BTC to drop below a key level.
The recovery on crypto markets in the last week of November continued for a second day but has slowed down somewhat. Percentage gains today are less than what they were yesterday but market capitalization is approaching $140 billion once again. Many are calling a dead cat bounce indicating the BTC will meet resistance at $4200 and plunge into the depths of $4000 again. The crypto market is concerned the long-awaited significant institutional investment may never materialize.
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