A month that brought so much joy last year turned out to be the worst this year. November 2017 was the first time bitcoin hit the $7,000 mark and proceeded to finish the month at over $11,000. This year, the story has been quite the reverse. Bitcoin started November at $6,340 but after a very brutal four weeks, the currency ended the month at $3,950. The $2,400 drop accounted for a 38 percent fall, its worst since August 2011. However, the market has since then rebounded and at press time, Bitcoin had gained 6 percent to trade at $4,267. The other cryptos followed suit, with Bitcoin SV being the only top 30 crypto in the red.
October had been a very stable month for cryptocurrencies and all indications were that November would follow a similar direction. Bitcoin had lost just $300 in October to end the month at $6,340, a net loss of less than 5 percent. The overall market was quite stable as well, with the industry market cap losing just $20 billion.