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article imageAfter worst November in 7 years Bitcoin appears in recovery mode

By Ken Hanly     Dec 1, 2018 in Technology
After dropping well over $2,000 during the month of November, today Bitcoin (BTC) is recovering somewhat but it remains to be seen whether this just a short term rally prior to another large drop.
CoinDesk analysis of November performance by Bitcoin
Sam Ouimet provides an analysis of the November performance of Bitcoin just after it closes the last day of November UTC.
He notes that BTC just finished ending it worst performing month in the last seven years in terms of month-over-month price drops. The average price on exchanges of Bitcoin at the start of the month was $6,341 but as the month closed on November 30th it is trading at just $3,964 according to the CoinDesk Bitcoin Price Index.
The drop over the month of nearly $2,400 represents a 37.4 percent drop. This is worst since way back in August 2011 when it dropped from around $8 to $4.80 a 40 percent drop over the month according to data from the CoinDesk BTC Price Index.
The remainder of the crypto market tends to follow the movements of Bitcoin as it is the largest by market cap.
Broader cryptocurrency market followed the moves of BTC on the whole
As shown on Ouimet's chart only one of the largest 25 cryptocurrencies posted a gain over the month. This was Bitcoin SV the main fork resulting from the recent hard fork of Bitcoin Cash yet it has little more than three weeks of pricing data. Most of the remaining coins had large losses with double digit dips being quite common. The worst performer (XTZ) performed with a loss of 61.5 percent but BitcoinCash which had a hard fork during the month just 3 percent behind.
Among the top ten cryptocoins by market cap, the average loss was 30 percent with that of the top 25 being even greater at 37 percent.
Market Capitalization
The market capitalization of a crypto coin is the price times the circulating supply. When prices drop, as a result the total capitalization of the market declines. At the start of November, the total market capitalization of cryptocurrencies was $203 billion but today it was only $130 billion a decline of 35 percent. According to CoinMarketCap data, since reaching its all time high in January this year of $820 billion, it has lost over $690 billion or 83 percent of its record value.
Present Situation
24 hours ago BTC opened at just under $4,000 at $3,965 and has hit a low of $3,904 but the high has been up at $4,255. It is still well above $4,000 at 20:`15 Central Standard Time. Over the 24 hour period BTC is up over $280 dollars or a rise of more than 7 percent. If this tendency continues we could see a large recovery rally before Xmas.
The present price of Bitcoin can be found here.
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