After the month of October which saw little changes to the price of cryptocurrencies in the market, frustrating margin traders who were looking for better gains during the month, the month of November 2018 saw a lot of action and price volatility. The bad news about the mass change in prices for crypto hodlers was that the crypto market generally experienced a dip in value with the top 10 cryptocurrencies in terms of market capitalization all experiencing price drops. The result of the recent Bitcoin Cash Hard fork, Bitcoin SV, was the only crypto that experienced gains. The result would have been probably different if Bitcoin SV existed on the first of November.
Cryptocurrencies Now Licking Their Wounds
Experts have cited the recent Bitcoin Cash hard fork to be one of the key factors in the loss of the cryptocurrency market as investors got wary of the squabble associated with the hard fork. Bitcoin Cash frequently experiences hard forks, but this time, the hard fork resulted in two different blockchains as the decision for the hard fork wasn’t unanimous.
Cryptocurrency’s premier stablecoin, Tether, had the least losses apart from current third-ranked Ethereum and Bitcoin SV, the new hard fork of Bitcoin Cash. Bitcoin prices fell by a massive 42% and traders who went short on Bitcoin following the news of the BCH hard fork and the uncertainty surrounding it.
Teros, XTZ, dropped by 36.2% in one of its most horrible market price volatility. Considering the fact that 2018 didn’t especially herald any price spikes for Bitcoin, the general price level of Bitcoin wasn’t below $6,000 as recurrent trading technical analysis showed that the support level held at the $6,000 price. On November 14, a day before the Bitcoin Cash hard fork, Bitcoin price broke past support levels to hold around $5,650. After the break in the $6,000 support level, the price of Bitcoin never recovered and after oscillations of the Bitcoin price between $5,600 and $5,700, the price of Bitcoin finally dipped to a 2018 low of $3,700. The dip happened on the 25th of November and the last time Bitcoin recorded that particular price level was September, 2017. Price levels have improved a bit for the cryptocurrency market, but no massive positive change in prices have been experienced for now.
Performance of Some Altcoins in the Market
Altcoins with a smaller market capitalization experienced bigger losses than bitcoin, particularly as a result of the loss of confidence by investors in the crypto market. About 25 out of the top 100 coins by market capitalization, according to CoinCodex, got losses of 50% or more. Popular coins that experienced huge dips in value include Bitcoin Cash with a loss of 61%, which was surely expected, Factom and ICON with a loss of 59% respectively.