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This November was not just the trees to lose the red leaves. Autumn was also doing its job in the cryptocurrency market.
The sector lost nearly $ 70 billion in market capitalization this month, according to CoinMarketCap.com. Bitcoin, the world's largest cryptocurrency, has set a minimum aggregate at $ 3.606 after falling from its monthly high to $ 6.540. This marks a decrease of 44.8% between the peak of the month and the lower level. Other major cryptocurrencies also did not go well during the November bloodbath. XRP, for example, reported a 40.4% decline in its highest and lowest levels, while Ether fell 47.5% within the same parameter.
Stellar, the fourth largest cryptocurrency, has survived with 30% of market capitalization and the value canceled in November. EOS, the central asset of a semi-decentralized blockchain project, also fell 45.65% at the same time.
Bitcoin money is the worst of the best coins
Bitcoin Cash was the worst currency among the best crypto-assets in November. The BCH / USD rate rose 61.8% this month after a controversy over software upgrades threatened its stability. Bitcoin Cash's blockchain suffered a hard stop during the mid-November session, leading to the emergence of two competing chains: Bitcoin ABC and Bitcoin SV. To be called the original Bitcoin Cash, both the SV group and the ABC group have undertaken a hash war on one another. As the war progressed, it continued to exploit mineral resources with several PoW blockchains, mainly Bitcoins, leading to a negative investment environment for all.
The Bitcoin SV group eventually admitted defeat and announced that it would go as a standalone project, leaving the original BCH ticker with the Bitcoin ABC group. After clarification, Bitcoin Cash (combined with ABC) shows signs of exhaustion while consolidating sideways in a move. The BTC / USD is trading at 173 fiat, up 11.5% from its annual low of 155 fiat.
Bitcoin SV enters the top 10
Two weeks after the split, Bitcoin SV launched a separate coin with the promise of becoming a better blockchain than others. The first week of trading saw BSV / USD become one of the top ten coin indices, with a market peak of $ 2.1 billion at some point. It is now ranked 9 based on total market capitalization.
The BSV / USD is currently trading at a minimum of 100 fiat, managing the 89.31 fiat support. Fundamentally, the currency expects to extend its momentum to the upside.
Factom Best Performer
While the rest of the market is at a disadvantage, Factom has recorded the best month in years after passing more than 130% in November. Its market capitalization was close to $ 37 million at the start of this month, but has risen to $ 113.23 million at the end.
Factom did not have strong technical factors behind the surge. As a project, however, he recorded some positive developments, starting with Equator. The mortgage software and the marketing company have partnered with Factom to use their Harmony blockchain as a service [BaaS] platform. In another event, the Japanese exchange CoinCheck announced that it would add FCT tokens to its trading platform.
The future
The entire cryptocurrency market is now in the process of establishing a fund. Having said that, to say that the bear's run is over would not be correct. It is not clear whether the market is consolidating before the next breakdown or organically rebounds.
The global market cap may fall further if the bitcoin fails to support $ 3,500 as support. However, the digital currency provides for a positive cycle of developments in the coming year, with more space for institutional investors in terms of services and regulation. Break below $ 3,500 would put the downside risk towards $ 2,500. Operators are advised to avoid going for a long time on some technical suggestions, such as strong inversions, or Doji training on weekly charts.
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Shutterstock foreground image. TradingView Charts.
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