November was quite a roller coaster ride for crypto assets. Highs, lows and unexpected price movements – we saw them all. Let’s have a closer look at how the most popular cryptocurrencies did this November.
Bitcoin (BTC) started November with confidence. The cryptocurrency was priced at $9,230 in the beginning of the month and stayed above the 9K line until November 7. The next day saw a price drop from $9,223 to $8,778. Bitcoin stabilized slightly and continued hovering between $8,800 and $9,000 for a few days until the price decrease intensified. The asset fell below $8,5K on November 15 and further dropped to $7,627 on November 21. We saw the monthly low on November 25, when Bitcoin’s price was $6,534. BTC had a slight recovery on the last days of November and the crypto ended the month at $7,546.
So what caused the price decline? November has historically been a memorable month for Bitcoin. The reasons for this are debatable – some associate it with the nature of trading, some with taxes, some with other factors. Regardless, November is known as a notorious month in crypto.
This November’s price drop can be associated with the press. It can be assumed that China’s statements on crypto had their part to play in the price decrease. Beijing made their stance clear once again – the country’s recent announcements were in support of the Blockchain industry, not cryptocurrencies. At least five crypto exchanges shut down their services in China as a response to the Chinese cryptocurrency regulation. These events seemed to leave a mark on the price of Bitcoin.
Although Bitcoin’s turbulence and price drop might make some HODLers excited, we are hopeful to see what December brings.
Crypto market events and the price of Bitcoin surely had an effect on other top currencies as well. Let’s see how the other assets performed in November.
Ether (ETH) was also influenced by Bitcoin’s price fluctuations in November. The asset started the month at $183.12 and saw quite a stable first half of the month. The price of ETH went back and forth between $180 and $190 until November 17, when the price started decreasing more intensely. The cryptocurrency dropped below $180 and continued the downturn until reaching $131.78 on November 25. The last days of November brought a modest price increase and ETH ended the month at $151.95.
Ripple (XRP) had similar fate to the other crypto assets. XRP was priced at $0.291 on November 1st. The first week of November was optimistic and steady for Ripple, as it was for Bitcoin and Ether. The crypto reached its monthly high of $0.314 on November 7 and started the decline from there. XRP fell below the $0.28 line on November 9, followed by a fall below the $0.25 line on November 18. The monthly low of XRP was $0.203 and the asset ended November at $0.225.
Litecoin (LTC) stood at $58.4 on November 1. The price of the asset increased at one of the most enthusiastic rates among the bunch and reached its monthly high of $65.4 on November 10. The crypto then continued to move between the $55 and $60 line until it dropped to $47.4 on November 22. LTC’s monthly low was on November 25, when the crypto fell to $42.513. Recovery by the end of the month was modest and LTC welcomed December at $47.523.
Bitcoin Cash (BCH) experienced a 22.9% price change in November. BCH started November off at $278.3 and climbed up to its monthly high of $307.9 quite fast, reaching it on November 7. The crypto fell back to the initial price of November 1 only a few days later and stayed at around $280 until the midpoint of November. The second half of the month saw a price decline and XRP dropped steadily until its monthly low of $192.1 on November 5. Similarly to other top assets, the last few days of November brought some more positive notes and XRP ended the month at $217.7.
That’s it for this month’s crypto market review! Did you know that you can trade all of these tokens (and many more) on the CoinMetro platforms? Check it out for yourself – log in to your CoinMetro account; use the Demo platform if you want to practice and let us know if you have any questions – we’re here 24/7 to help you!