Weekly Crypto Report 7 – 14 November
Last week was a slightly more promising week than generally experienced this year. Unfortunately, that trend did not continue for another week and a new 2018 low has been experienced for Bitcoin, with other currencies also experiencing price drops.
This is amidst a lot of confusion in the cryptocurrency market. No one is sure about when the bear market will end and he has resulted in a large drop in share price over 2018, with BTC experiencing its worst-ever year, hitting many negative milestones.
Bitcoin (BTC) down $729.22 (11.28%)
After last weeks increase some investors were positive about a potential change in the bear market, but this week put a lot of that talk to bed. This 11% drop was unexpected, with most of the week performing averagely, not increasing or decreasing too much.
The week started at $6,465.80 and stayed within the $50 for the entire week until the 14th of November. The highest and lowest prices during this period were $6,551 and $6,373 respectively.
At 10:00 am on November 14th the price of BTC started falling. The first 6 hours were rather gradual, with the share price falling from $6,365 to $6,235. After this point, the share price plummeted to a new 2018 low of $5,573.36. The price recovered slightly before ending at $5,738.58
Start – 07/11 Wed 11:59 pm $6,465.80
End – 14/11 Wed 11:59 pm $5,738.58
Ethereum (ETC) down $37.87 (17.3%)
Ethereum had a very similar weak to BTC, with a slow initial phase followed by a large price drop. When looking at the ETH graph you will notice the initial phase was slightly more volatile than with BTC but slightly less than some of the other currencies on this list.
The decline happened from the first day, with prices starting at $218.90 and dropping to $214 within a day. This trend continued throughout the first 6 days until the 14th of November. The only other significant price drop occurred on the 12th of November when the price dropped to $208.97 from $213.24 when the day started.
On the 14th ETH experienced a harder price drop than BTC. The Drop started at around 10 am on the 14th, when the price stood at $206. Within a few hours, the price had dropped to $200, then to $183, and finally to $174. Before the end of the week, there was a bit of a recovery, with the price closing at $181.03
Start – 07/11 Wed 11:59 pm $218.90
End – 14/11 Wed 11:59 pm $181.03
Litecoin (LTC) down $10.73 (19.78%)
The smaller coins evidently felt this week’s drop a lot more than the larger market cap coins. Litecoin was affected less than some of the other coins, but still more than BTC and ETH. The graph is very similar to the other coins, although a lot of the overall decrease happened during the week as well. There was a significant price drop experienced at the end of the week.
When the week started LTC was doing alright and things stayed that way for the first day. On the 9th there was a drop of $1 over 2 hours, which marked the first major LTC price decrease for the week.
The next two and a half days were quiet again, with the price remained very close to the $52 mark. Late on the 11th, another price drop was experienced, the second largest one for the week. The price dropped by $1 in less than an hour. There was, however, a small recovery hereafter, but not to previous prices.
LTC’s drops were spread out, with another drop happening late on the 13th. This drop was small, and out-shadowed by the drop experienced on the 14th. When the drop started, the LTC price was $48 and within 5 hours the price hit a low of $42. A small recovery resulted in the week price ending at $43.50
Start – 07/11 Wed 11:59 pm $54.25
End – 14/11 Wed 11:59 pm $43.52
Bitcoin Cash (BCH) down $193 (30%)
After last weeks gains, BCH looked as if it was flying high, but this week brought it back to earth. Of all the cryptocurrencies on this list, BCH was hit the hardest this week, racking up a staggering 30% price drop. The entire week was difficult, with the currency experiencing drops day after day, until it ultimately fell even further, along with other currencies, at the end of the week.
The first day wasn’t too bad for BCH, with the price closing at $619. Unfortunately, this was one of the better results and the rest of the graph just keeps going downhill. Between the 8th and the 13th of November, the price dropped from $619 to $507. This $112 drop was partially recovered over lunchtime on the 13th when BCH returned to $542. This increase was short-lived, with prices dropping to a low of $423 a day later.
There wasn’t any real recovery from this point and the price closed $14 higher at the end of the day.
Start – 07/11 Wed 11:59 pm $630.18
End – 14/11 Wed 11:59 pm $437.49
Dogecoin (DOGE) down $0.000996 (27%)
DOGE is a coin that sometimes acts differently to other coins on this list, but this week was not one of those cases and the currency experienced loses along with the rest of the market. Their week, although hitting them hard with a 27% price drop, was rather stable, showing less aggressive price drops over short periods like with the other currencies.
Over the first 3 days, the price dropped constantly until it reached a lot of $0.003100 on the 10th. There was a small period of growth over the 10th, with the day closing higher than it started at $0.003285. Unfortunately for DOGE holders, this was the only positive day of the week.
The price kept going down for the rest of the week, with an average decrease of $0.00015 every day until the 14th where a bigger drop of $0.0002 was experienced over an hour. The price recovered slightly before ending at $0.002695.
Start – 07/11 Wed 11:59 pm $0.003691
End – 14/11 Wed 11:59 pm $0.002695