The leading cryptocurrency by market capitalization, Bitcoin has ended its worst performing months in about seven years especially looking at its month-over-month price declines. Bitcoin began the month of November with an average price of $6,341 across different exchanges, but as at December 1st, the major digital asset by market cap is changing hands at just $3,964.
As things now stand, the near $2,400 drop in the price of bitcoin now means the leading crypto asset has now printed a 37.4 percent loss in the month of November. Notably, this is its worst drop since August 2011 when the price of bitcoin dropped from $8 to $4.80 with a 40 percent monthly loss.
And given that Bitcoin has held its place as the largest cryptocurrency by market capitalization and comprises of 53.5 percent of the total market, it now means that all other cryptocurrencies tend to follow its leading when it comes to price performance.
Consequently, the crypto markets suffered considerable losses in the month of November with only one among the 25 major cryptocurrencies able to post a monthly gain and that was bitcoin SV which was the result of the recent Bitcoin Cash hard fork.
The chart above idicates that the majority of the top cryptocurrencies saw a double-digit loss in November with Tezos (XTZ) being the worst performer. Tezos printed a 61.5 percent loss with bitcoin cash following closely. More so, the average performance of the top 10 cryptocurrencies was put at -30 percent while the average performance of all 25 was -37 percent.
Market Cap Monthly Chart
And since the total market cap for the crypto market is a reflection of the price of cryptocurrencies when multiplied by its circulating supply, it now means that the total market cap is affected whenever there is a price decline.
Consequently at the start of November, the total market capitalization was $203 billion, but as of today, that figure is now $130 billion signaling a 35 percent drop. With this, the total market cap has now lost over $640 billion and 83 percent of its value since rallying to its all-time high of $820 billion in January.