Bitcoin Survives $7K Dip as Bloodbath Subsides; Another Crazy November?

The price-performance of Bitcoin (BTC) within the last 24-hours has brought anything but a joy to the face of crypto traders, except, of course, for those who pray for market dips to accumulate more at lower prices.

The leading cryptocurrency started the last seven days trading near the $8500 region but has been on a free fall with today’s price action (-6%) being one of the most significant downtrends over that period.

Even though the price of Bitcoin has briefly recovered to above $7150 at the time of writing, the cryptocurrency had tested a six-month low when it briefly dipped below $7000 at around 14:19 UTC according to Coinmarketcap’s data.

More precisely, the last time that the top cryptocurrency traded below $7000, was on May 11, on its way to the $13,600 year-to-date high attained on June 26.

Another Crazy November?

With market sentiment generally still unstable, Bitcoin’s latest price performance means the cryptocurrency is still on track to record another eventful November within the last three years (2017-2019).

It was in mid-November 2017 that prices started on the path to its near $20,000 all-time high. Around this time last year, a contentious hardfork on the Bitcoin Cash network kickstarted a final plunge to $3200 around December. Now in November 2019, the price has dropped by roughly $2000 since the start of the month.

Meanwhile, the latest dip in Bitcoin’s price as expected has mostly affected the crypto markets, with roughly $12 billion wiped out in the last 24 hours. 

Market Cap

Total Market Cap of all Cryptocurrencies: $195.3 billion

Bitcoin Dominance: 66.3%

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