Bitcoin
$47,977.18-0.13%
Ethereum
$3,423.70-1.35%
XRP
$1.07-0.68%
Cardano
$2.36-1.18%
Polkadot
$34.13-0.19%
Stellar
$0.322952-0.47%
Dogecoin
$0.239803-1.62%
Chainlink
$28.13-1.16%
Uniswap
$24.34-2.55%
Polygon
$1.36-3.80%
Litecoin
$179.99-1.63%
Bitcoin Cash
$636.58+0.83%
Algorand
$2.08+6.25%
Cosmos
$39.62+15.43%
Wrapped Bitcoin
$48,033.27-0.05%
Filecoin
$83.90-2.38%
The Graph
$0.827145-1.60%
Tron
$0.104437-2.83%
Ethereum Classic
$56.68-1.32%
Aave
$351.56-3.23%
Tezos
$6.40+2.61%
EOS
$5.30+1.22%
NEO
$49.35-0.54%
Monero
$269.44+1.03%
IOTA
$1.62-3.47%
BitTorrent
$0.003918-1.47%
Bitcoin SV
$158.97+0.62%
Waves
$28.55-2.33%
Maker
$2,836.98-0.09%
Dash
$197.93-2.52%
Decred
$140.73-4.58%
Decentraland
$0.816100-1.47%
ICON
$1.88-2.41%
NEM
$0.183160-0.93%
Zcash
$138.75+0.90%
Qtum
$12.43-1.63%
NuCypher
$0.330764-0.80%
Bitcoin Gold
$66.07-0.14%
Yearn Finance
$33,750.13-0.27%
OmiseGO
$8.73+1.56%
Basic Attention Token
$0.745308-1.88%
0x
$1.10-0.35%
Paxos Standard
$0.999966-0.19%
Ren
$0.957433-9.62%
Fetch.ai
$0.823654-3.03%
Bancor
$4.05-1.36%
Band Protocol
$9.24-0.47%
Siacoin
$0.018845+1.17%
Kava.io
$6.30+0.89%
Nano
$5.63+0.66%
Loopring
$0.458447-1.15%
Storj
$1.38-0.42%
Civic
$0.523787-3.42%
Lisk
$3.59+0.74%
Numeraire
$46.33+2.42%
Orchid
$0.372660+1.15%
PAX Gold
$1,770.57+0.28%
Augur
$26.06-0.40%
Aragon
$6.35+7.91%
Enzyme
$120.57+4.52%
district0x
$0.175117+0.13%
Kyber Network
$1.80-1.85%
SingularDTV
$0.001467-0.66%
Tether
$1.00+0.03%
USD Coin
$1.00+0.02%
Dai
$1.00-0.04%

Bitcoin Price Now On Pace to Post Worst Month in 2018

Bitcoin's sell-off has accelerated and put the cryptocurrency on pace to record its worst monthly performance of the year.

Nov 20, 2018 at 4:10 p.m. UTC
Updated Sep 13, 2021 at 8:36 a.m. UTC

Bitcoin’s drop to 13-month lows has likely put the cryptocurrency on the path to post its worst monthly loss of 2018.

The leading cryptocurrency is currently trading at roughly $4,700 – down roughly 26 percent from the monthly opening price of $6,320 – according to CoinDesk market data.

As of now, November is the second-worst month of 2018, the first being March with a 32 percent price drop. November, however, would take the top spot if prices find acceptance below $4,200, pushing the monthly loss above 32 percent.

Indeed, BTC could regain some poise in the next ten days, as the record low on the 14-day relative strength index (RSI) is signaling extreme oversold conditions. In that case, November may become the second-worst month of the year or may even slip lower. However, a monthly loss looks like a done deal as a rally all the way back to $6,320 is unlikely to happen in the near-term.

This is because the demand side pressures may have weakened significantly in the last few days.

Moreover, a significant majority was expecting BTC to end its prolonged period of consolidation with a bullish breakout. The cryptocurrency, however, fell below $6,000 –  a level where prices had supposedly carved out a long-term bottom – trapping many on the wrong side of the market.

Bitcoin November performance

As seen above, BTC scored gains in November in the last six years, including a 53.8 percent gain last year that saw the 2017 bull run accelerating as 2018 approached. As the data indicates, that winning streak is on pace to end this year.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

 boat, sink image via Shutterstock; 

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...