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- Bitcoin Cash led in volatility throughout November: its volatility relative to Bitcoin volatility doubled in the time leading up to the Bitcoin Cash fork.
- All SFOX-listed cryptoassets rose in absolute volatility over the course of the month, with notable spikes on November 14th, November 19th-20th, and November 28th.
- All SFOX-enabled cryptoassets – BTC, ETH, BCH, and LTC – were more volatile than the S&P 500 and gold.
- The three market-wide volatility spikes in November corresponded to: (1) market uncertainty leading up to the November 15 Bitcoin Cash fork, (2) the subsequent hash war between the two blockchains that forked from Bitcoin Cash, (3) the SEC announcing settlements with two major ICOs, and (4) reaffirmations of crypto’s staying power and institutional interest.
- Look to end-of-year conferences, increased institutional infrastructure, and futures contracts to impact volatility next month.
November Overview: A Fork With Three Spikes
The SFOX research team has aggregated price, volume, and volatility data from seven major exchanges and liquidity providers to analyze the global performance of the four leading cryptoassets – BTC, ETH, BCH, and LTC – that we have enabled on our trading platform. The following is a report and analysis of their volatility throughout November 2018.
November saw a run-up in the price of BCH ahead of the November 15th Bitcoin Cash fork, followed by a sharp decline in the prices of BTC, ETH, BCH, and LTC. By contrast, the prices of the S&P 500 and gold (measured by XAU) stayed fairly constant throughout the month.
BTC, ETH, BCH, and LTC Prices in USD,
Measured Against S&P 500 and XAU
For greater graphical clarity,