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It was not just the trees that shed their red leaves this November. The autumn was doing its job in the cryptocurrency market, too.
The industry lost close to $70 billion worth of market capitalization this month, according to CoinMarketCap.com. Bitcoin, the world’s largest cryptocurrency, established an aggregated low at $3,606 after dropping from its monthly high at $6,540. That marks a 44.8% drop between the month’s peak and bottom level. Other top cryptocurrencies also didn’t fare well during the November bloodbath. XRP, for instance, noted a 40.4% drop between its topmost and lowermost levels, while Ether fell 47.5% within the same parameter.
Stellar, the fourth largest cryptocurrency, survived with 30% of its market cap and value wiped off in November. EOS, the central asset of a semi-decentralized blockchain project, also plunged 45.65% within the same time.
Bitcoin Cash Worst among Top Coins
The worst performing coin among the top crypto-assets in November was Bitcoin Cash. The BCH/USD rate tanked by 61.8% this month after a software upgrade controversy threatened its stability. Bitcoin Cash blockchain underwent a hard fork during mid-November session, leading to the birth of two competing chains: Bitcoin ABC and Bitcoin SV. To be called the original Bitcoin Cash, both the SV and ABC group waged a hash war against each other. As the war went on, it kept on taking mining resources off different PoW blockchains, mainly Bitcoin, leading to a negative investment environment for all.
The Bitcoin SV group, at last, conceded defeat and announced to go its way as a standalone project,