The crypto currency market hasn’t being doing so well in the past year, but the previous month of November was the worst month for bitcoin in the past 7 years. At the beginning of the month the average price for Bitcoin was about $6,340 and at the end of the month it was down 37.4% to ab0ut $3,960. And like always, most other cryptocurrencies follow the same trend, with 24 out of the 25 largest coins posting a loss. The only coin that wasn’t down was Bitcoin SV, which forked off of Bitcoin Cash (which was down 3% in November) in early Noevember so it didn’t even have a full month’s worth of price history. The average combined performance of these 25 crypto currencies last month was -37%. The entire crypto market took such a hit that the total market capitilization of all crypto currencies at the end of November was $130 Billion, down 35% from over $200 billion a month prior. Even more alarming is the fact that at the beginning of the year the total crypto currency market cap was over $800 Billion.
Some punits have theorized that this is not even the end of the downfall for Bitcoin and other crypto currencies, and prices will continue to fall for the forseeable future. But there are also many people out there who believe that the bottom is very near and prices will eventually stablize in the near future. While I hope that it will be the case that prices will bottom out and start to stabilize, it is impossible to know for sure – which is the biggest problem with investing in a digital currency that has no real basis for monetery value.