November 2022 was one of the worst months for Bitcoin (BTC) and Ethereum (ETH), the two most popular cryptocurrencies.
November was Bitcoin’s second worst month in 2022
Bitcoin has lost about 18% of its value in the last 30 days, according to CryptoSlate data. This made November his second worst month of the year and his biggest monthly loss in the last five months.
Bitcoin’s value recovered slightly towards the end of the month, but FTX’s surrender shattered retailers’ confidence in the system. Glassnode reports that a crypto investor has witnessed the fourth largest capitulation on record, with him posting a realized loss of $10.16 billion in seven days.
Over 50% of BTC holders have a loss This is the lowest profitability level since March 2020, after the asset’s value fell to around $15,600.
Additionally, Bitcoin miners have wiped out their balances in 2022 as the amount of assets sold exceeded the amount they had amassed that year. It’s under pressure.
Bitcoin miners like Iris Energy defaulted on $108 million and closed two facilities in November. An unnamed Bitcoin miner has also defaulted on his rent in Dallas and left all his equipment behind.
This cohort now exceeds 1.21 million $BTCcorresponding to 6.3% of the circulating supply.
— Glassnode (@glassnode) November 28, 2022
On the other hand, despite all these losses and surrenders, Glassnode believes that BTC Shrimp and Crab actively accumulate It leads to the best balance ever since FTX collapsed.
Ethereum is experiencing its fourth worst month
Meanwhile, November was Ethereum’s fourth worst month of the year, dropping almost 20%.
After the FTX demise, ETH fell in value from over $1,600 to $1,110 on November 10th. The cryptocurrency has since recovered slightly and crossed the $1,200 mark. At the time of writing, ETH has fallen 18% over the past 30 days.
Poor price performance appears to have spurred Ethereum’s whale and shrimp buildup. Analysis of his Glassnode data by CryptoSlate shows that investors in these cohorts are accumulating Ethereum at aggressive rates.
Despite the late rise towards the end of the month, crypto analyst trends for the asset remain bearish. Capo of popular crypto trader Crypto tweeted on his November 28th that he expects the Ethereum price to capitulate soon at around $600 to $700.
I spent hundreds of hours analyzing the market and came to the following conclusions.
I won’t post any more here until it’s confirmed or deactivated.
— il Capo Of Crypto (@CryptoCapo_) November 28, 2022
On the other hand, this is not the first time Bitcoin and ETH have performed badly in November. In fact, this month has historically been a rough month for BTC.2018, BTC lost 37% of its value in November.