Cryptocurrency

November yield: Cryptocurrencies resume downside correction

Cryptocurrencies resume downside correction in November

The top 10 cryptocurrencies reported a loss in November, where the Bitcoin, the leading digital currency, posted its fourth monthly drop in five months.

The Bitcoin plummeted 17.6 percent in October, following a gain of 10.8 in October, dropping again to resume the downside correction. 

The largest cryptocurrency saw some deterioration in trading volume last month, as the 24-hour volume dipped from $26.4 billion on November 1 to 17.1 billion on November 30, according to CoinMarketCap.

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Among the top 10 digital currencies, Ripple (XRP) and Bitcoin Cash (BCH) experienced the sharpest decreases in November with 23.5 percent and 23.0 percent respectively.

Ethereum saw a sharp plunge of 17 percent last month, while stellar recorded 8.5 percent fall.  

So far, the Bitcoin has shot up almost 102 percent since the beginning of the year, where it hit its highest level this year at $13,880 on BitStamp cryptocurrency exchange in June.  

The total market capitalization in the cryptocurrency market slumped from $245.4 billion on November 1 to 204.9 billion by the end of November.

The most notable thing that occurred last month was the retreat in the Bitcoin dominance rate from 67.39 percent to 66.67 percent, which meant the rise in Altcoins’ appeal.

Meanwhile, the Bitcoin is trading 0.67 percent down at $7,284.52.

Ethereum surged 0.68 percent to $148.79, Ripple shaved 0.97 percent to $0.2190 and Litecoin fell 0.93 percent at $46.16.

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