Bitcoin has just finished its worst month in seven years in terms of falling prices month by month.
The world's largest cryptocurrency began in November at an average trade price of $ 6.341, but starting at 0:00 UTC on December 1, it traded for only $ 3,964, according to CoinDesk's Bitcoin price index. .
At present, the decline of around $ 2400 in the bitcoin price generated a monthly return of -37.4%, which is the worst ever since August 2011, when it dropped from around $ 8 to $ 4.80 to print a monthly loss of -40%, according to data from the CoinDesk Bitcoin Price Index (BPI).
Since bitcoin is the largest cryptocurrency in terms of market capitalization of a considerable margin, which now includes 53.5% of the total market, all other cryptocurrencies tend to follow its advantage when it comes to price performance.
As a result, the broader market suffered substantial losses in November, with only one of the world's 25 largest cryptocurrencies earning a monthly gain.
The outlier was the bitcoin SV, a derivation of the original bitcoin cash block, yet it only existed long enough to accumulate 22 days of pricing data on CoinMarketCap.
As can be seen in the graph above, double-digit losses were common among the largest cryptocurrencies in the world in November. Tezos (XTZ) was the worst result of the month, reflecting a loss of 61.5% with bitcoin (BCH) money of just 3%.
In addition, the average performance of the first 10 cryptocurrencies by market capitalization was -30%, while the average performance of all 25 was -37%.
Monthly Market Cap Chart
Since market capitalization is a function of the price of a cryptocurrency multiplied by its circulating offer, the capitalization of the total market suffers a blow whenever prices fall sharply.
At the beginning of November, total market capitalization was worth $ 203 billion, but today that figure is $ 130 billion, a loss of 35%.
The total capitalization of the cryptocurrency market has lost more than $ 690 billion and 83% of its value since it reached its all-time high of $ 820 billion north last January, according to CoinMarketCap.
Revelation: The author holds BTC, AST, REQ, OMG, FUEL, 1 ° is AMP at the time of writing.
Bitcoin image through Shutterstock