November 2018, now referred to as the “Bloody November,” has been perhaps the most brutal month for the asset class, with all the significant cryptocurrencies suffering huge sell-offs. According to Investing.com, out of fourteen cryptos with a market cap of above $1 billion at the end of October, only nine have managed to retain the spot by the end of November. The industry has lost an approximate $70 Billion worth of market capitalization this month. Market cap of all digital currencies fell to $117 Billion on November 25, which was the worst since August 2017. It recovered to $134 Billion by the end of November.
The most significant casualties in this “bloodbath,” however, has been Bitcoins, followed by EOS and Ethereum reports Investing.com.
The price of one Bitcoin Cash coin (BCH/USD) on November 1 stood at $427.63. It slumped to an all-time low of $148.55 on November 25. By the end of the month, it had fallen around 59.6% to close at $170.39.
The major reason for this collapse was blamed on the fact that the digital currency split into two contested versions on November 15 called ‘Bitcoin ABC’ and ‘Bitcoin SV.’ This was due to disagreements in the community about how to scale a cryptocurrency efficiently so that it can cope with a higher volume of trading.
EOS is currently the sixth most valuable digital coin in circulation with a market cap of approximately $2.6 billion. At the start of November, EOS (EOS/USD) was valued to be at $5.2866. It fell to its one year low on November 30 to $2.8254. It had tanked 44.8% in November to end the month at $2.8962.
There is no particular reason for this collapse and can be attributed to the ongoing decline in prices of all cryptocurrencies in general in the market during the month.
Ethereum is the world’s third-biggest cryptocurrency and has a market cap of around $12.1 billion. The price of one Ethereum coin was $199.73 at the start of the month. It tanked to $103.03 on November 27, its weakest level since May 19, 2017. It ended the month with a loss of 42.7%, closing at $113.68
Ethereum’s slump is also due to the fact that it started imitating the slumps experienced by all of the mainstream cryptocurrencies this month.