TSXV:CYX.H - Post by User
Post by
Earlyone_1on Dec 04, 2018 10:28am
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Post# 29060504
November was brutal for Crypto's....
November was brutal for Crypto's....A deluge of money flowed out of the crypto market in November – with over a third of its entire valuation wiped out in less than 30 days – the sharpest single month decline in over four years. The losses amounted to over US$70 billion in hard cash. Bitcoin (BTC) experienced its worst month since 2011, starting out at over US$6,500 on November 1st then plummeting to US$4,180 by the end of day last Friday. BTC hit a low point for the year trading just below US$3,600 on November 25th, marking a record dump of 45% in value of the world’s number-one cryptocurrency…all in less than two weeks. Ethereum’s (ETH) pain was even more intense as it hit a low of around US$100 -- a mark it has not been near for 18 months. ETH's plunge was around 42% in just a month, as it crashed from US$200 to US$115. XRP (the native currency of the Ripple Network) could be considered one of the November's few lifeboat survivors, as it eventually overtook and held second spot from ETH. Compared to its crypto counterparts, XRP came out relatively well with a loss of only 15% over the course of November. Stellar (XLM) has also been more resilient than most of the others, as it usurped Bitcoin Cash (BCH) to move in fourth spot on the digital currency capitalization chart. XLM lost just under 30% during November, besting both Bitcoin and Ethereum. Crypto investors looking for a fresh December bounce are sure to be deeply disappointed, as most digital assets are down between 6 to 12% today alone. CLICK BELOW FOR LIVE CRYPTOCURRENCY PRICE INDEXES: image: https://www.stockhouse.com/getmedia/43345444-a6f4-4d5b-b295-f3aef74bac10/Crypto-graph-Dec-3,-2018?width=450&height=266
The crypto downtrend appears to have actually intensified in the last 72-hours, as the market has shed an additional US$16 billion from last week’s high, with all but a few stablecoins registering firm losses. The combined cryptocurrency market cap is currently valued at US$125.9 billion, down US$8 billion over the past day. The Bitcoin fire sale is believed to have been caused by a disagreement between developers and miners of BCH – known as the “cash fork”. The two sides clashed to direct the largest amount of computing power to their chosen Bitcoin cash variant. Traders and investors then backed away from the crypto market, preferring a price collapse rather than losing the war. image: https://www.stockhouse.com/media/news-images/cryptocurrency/!Crytpo-Dave-450x100-v2.jpg
The market then panicked leading many to sell the contents of their cryptocurrency wallets, fearful the highs of last year will never return. Added to this, the cryptocurrency market is concerned that the long-awaited significant institutional investment may never materialize (financial institutions have been delaying plans to launch Bitcoin and cryptocurrency investment products). The digital asset dump could also affect the US Securities and Exchange Commission's (SEC) imminent decision regarding an eagerly-anticipated Bitcoin Exchange-Traded Fund (ETF) by blockchain software company SolidX, investment firm VanEck, and the Chicago Board Options Exchange. As the crytpo market continues to sink to historic depths, investors may want to hold on to hope that, as President John F. Kennedy once penned, "a rising tide lifts all boats". Read more at https://www.stockhouse.com/news/newswire/2018/12/03/november-pain-the-crytpo-market-s-miserable-month#wyhrUOpE2FXoKzIY.99