What a November, right?
This is probably what every trader, analyst and crypto evangelist is thinking after the steep fall of the most dominant cryptocurrency Bitcoin – as reported over the past week on our DC Forecasts Bitcoin news site.
We can safely say that Bitcoin just ended one of its worst-performing months – and the worst performing month in seven years in terms of the month-to-month price declines. Beginning the slide from $6,341, Bitcoin managed to reach a price of $3,964 in only a couple of days – recording a near $2,400 drop in the price and a loss of more than 37% on a monthly basis.
This, according to statistics, is the worst on record price movement since August 2011 when the price of Bitcoin fell from $8 to $4.80 to print a 40% decrease for the month. Since it is the largest cryptocurrency in terms of market capitalization and now comprises about 53.5% of the total market, Bitcoin is followed by every other token and altcoin when it comes to its price performance.
As a result of that, the entire market crashed and suffered substantial losses in November, with just one of the world’s largest 25 cryptocurrencies being able to post a monthly gain. We are talking about Bitcoin SV (BCHSV) which is a fork off the original Bitcoin Cash (BCH) blockchain.
The total cryptocurrency market cap also took a beating this November. At the beginning of the month, it had a valuation of $203 billion. Today, it stands at more than $130 billion, recording a 35% loss.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
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