November was a tough month for bitcoin and other cryptocurrencies. Prices started to go south when news came in about bitcoin cash fork’s “civil war”. The value of bitcoin fell from over $6,000 to below $3,500 in just 10 days, about a 42 percent fall.
The crash took bitcoin to a 15-month low, to levels it was trading in August, 2017. Bitcoin is known to drag down other cryptocurrencies.
XRP, a common name for the XRP digital token, which is currently ranked second, fell 40 percent. It was trading at 0.55 on Nov. 6 and fell to a three-month low of 0.33 on Nov. 25. Ethereum, ranked third with a market cap of $11 billion, fell more than 47 percent in November — from above $220 on Nov. 7 to less than than $117 on Nov. 30.
Bitcoin cash, whose hard fork contributed to the price crash, also lost more than 75 percent of its value in November. It was trading above $630 on Nov. 7 and fell to as low as $154 on Nov. 25.
Barry Silbert, founder and CEO of Digital Currency Group, a venture capital company, said the fork was a distraction and the industry harmed itself with the fork. But he also said that such challenges from rival currencies are beneficial to bitcoin. “If bitcoin emerges as the winner, it’s been battle-tested. It has been challenged by competitive cryptocurrencies, it’s been challenged by internal strife… Whether it’s called bitcoin cash or ethereum or zcash, whatever it may be. Whatever is the winner down the road, they will have earned that spot,” Silbert told CNBC in an interview Thursday.
Stellar, which was ranked fourth by market capitalization, fell by more than 50 percent in November. It was trading above $0.28 on Nov. 12 and fell below 0.13 on Nov. 25.
Coinmarketcap updated its listings to include bitcoin SV — hard fork of bitcoin cash — which has a cap of just around $1.5 billion. It was trading above $230 on Nov. 14 and fell below $40 on Nov. 23. This new addition is the 9th largest cryptocurrency, above monero and cardano.
Last week, David Thomas, cofounder of GlobalBlock, a London-based cryptocurrency broker, said the end to 2018 may well be bearish for many who have invested in cryptocurrencies and even stocks. “Long consolidation period is perhaps on the horizon now, and with retail investors most likely scarred by recent activity, any bullish upturn will have to be driven by institutional demand,” Thomas told IBT.