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November 2018 Bitcoin Markets Recap » Coin Currency News
November was a bearish market for Bitcoin, which pushed the majority of Altcoins further into red. The 3-month rolling average price of $6,000 USD per coin dropped to a low of $3500, after bouncing to it’s current position of $4300. The two-week average has been in the $3750 USD price range, with many of the altcoins suffering a result. Ethereum moved from it’s average of $225 USD per coin to $115, down more than $100 per coin around the same time as the Bitcoin drop. So what happened? The main cause of the drop came from many long-term investors, and miners, fighting over the Bitcoin Cash Split, which created two new forks from the Bitcoin Cash Coin. The arguments over these coins caused some of the major groups like Bitmain, and other founding fathers and long-term mining companies to sell-off much of their supply because no-one could agree on what they wanted as a coin. This sort of severability has been the nature of the game in 2018, as thoudands of new coins came to market, making it ever harder for any 1 coin to find consensus. Many of the top coins suffered major losses, regardless of having strong programs. The main reason here was again, due to the drop in the price of Bitcoin. Here is the 7 day chart for Bitcoin, which appears to entering a Bullish Trend. Some of the reasons for the downpush, according to some analysts, is because the major players wanted to get a chance to buy in a cheaper than average prices. A reason for the recent bullish, uptrend, is more likely due to the approval of Bitcoin in exchange traded funds, that have become more commonplace across the globe, including the most recent, name HODL, from a Swiss Bank Group. Where is the price of Bitcoin going? What emerging factors / coins should users look at? Next month, a forked coin from the Ethereum Chain, called Exereum is set to do it’s main launch, and may be worthwhile to take a look at.