Cryptos End November Deep In The Red
Shain Vernier • 1 min read
November has been a month to forget for cryptocurrency bulls. Fresh questions regarding the feasibility of Facebook’s Libra and the lack of any progress on the Bitcoin ETF front have cryptos on the slide. Although the bearish action hasn’t been as severe as late 2018, the past month has been no picnic for those long cryptos.
November Was A Rough Four Weeks For Cryptos
None of the major coins fared well during November. Bitcoin (BTC) led the asset class’s decline, losing almost $1500 per BTC. Here is a look at the monthly action for the leading cryptos:
Coin %Loss Key Number
Bitcoin BTC -15.2% $7750
Bitcoin Cash (BCH) -22.2% $225
Ethereum ETH -15.3% $150
Litecoin LTC -15.9% $50
Ripple XRP -21.9% $0.25
For Bitcoin Cash and Ripple, monthly losses topped 21%. These are staggering figures and come as a bit of a surprise. Going into November, cryptos had put together a strong year. Now, the annual gains for many are gone. In the case of XRP, year-over-year values are off 37%. While BTC and ETH remain in bullish annual territory, many in the cryptosphere are shocked by the plunge in XRP.
At this point, there are no signs that we will see any further institutional adoption ahead of 2020. Libra appears in a regulatory stalemate and a formal BTC ETF is rumored to be a long way off SEC approval. So, is there any good news for cryptos?
Well, the calendar flipping to December is a start. Cryptocurrencies have seen consistent bidding at the beginning of months throughout 2019. Perhaps a strong early December will help crypto bulls wrap up 2019 on a solid note.