Introduction
Bitcoin has extended its early-November decline, plunging below $104,000 to hit multi-month lows. While most altcoins suffered even steeper losses, privacy coins like DASH and ZEC registered impressive gains against the market trend. The total crypto market cap has shed $150 billion in a single day amid the widespread selloff.
Key Points
- Bitcoin fell below $104,000, reaching lowest levels since June despite Fed rate cut that normally supports risk assets
- Privacy coins DASH, ICP and ZEC surged 70%, 35% and 23% respectively while most altcoins suffered double-digit declines
- Total cryptocurrency market capitalization dropped $150 billion in 24 hours to $3.53 trillion as Bitcoin's dominance increased to 58.5%
Bitcoin's Persistent Downturn Accelerates
Bitcoin’s early-November slump intensified dramatically as the cryptocurrency broke below the $104,000 threshold, reaching approximately $103,500 – its lowest level since late June, excluding the October 17 flash crash on Binance that briefly pushed it to $101,000. This represents a significant deterioration from just a week prior, when BTC tested the $116,000 resistance level on multiple occasions but failed to maintain momentum. The rejection following the second attempt proved particularly damaging, triggering a slide to $112,000 within 24 hours.
The downward pressure continued despite what would typically be considered a bullish catalyst – the US Federal Reserve’s decision to lower interest rates. Rather than providing support, Bitcoin dropped below $110,000 following the announcement. A brief weekend recovery saw the asset climb to $111,000 on Sunday, but bears reemerged on Monday, driving the price back under $106,000 before the final plunge to current levels. Bitcoin’s market capitalization has now plummeted to $2.070 trillion, though its dominance over alternative cryptocurrencies has increased to 58.5%, indicating even greater pain across the broader digital asset market.
Altcoin Carnage Worsens Market Conditions
The altcoin sector experienced even more severe declines than Bitcoin, with APT leading the negative trend with a massive 12% drop. Other significant losers included WLFI, TON, ATOM, CRO, KAS, BGB, and ASTER, all posting substantial losses. Major cryptocurrencies weren’t spared from the bloodbath, with Ethereum slumping below $3,500, BNB plunging to $950, and XRP declining to $2.26.
The selloff extended across virtually all major digital assets, with ADA, LINK, SOL, HYPE, TRX, DOGE, BCH, and SUI all trading deep in the red. The widespread nature of the decline suggests broad-based risk aversion rather than isolated asset-specific concerns. The total cryptocurrency market capitalization lost another $150 billion in a single day, dropping to $3.530 trillion as measured by CryptoPotato’s data sources, reflecting the comprehensive nature of the market downturn.
Privacy Coins Defy Market Gravity
In a remarkable divergence from the broader market trend, privacy coins registered impressive gains while most digital assets suffered significant losses. DASH led the counter-trend movement with a spectacular 70% surge, followed by ICP’s 35% increase and ZEC’s 23% pump. This performance stands in stark contrast to the double-digit declines seen across most other cryptocurrencies.
The exceptional performance of privacy-focused assets suggests potential sector rotation or specific catalysts driving investor interest toward coins emphasizing transaction anonymity and security. While the broader market faced selling pressure across nearly all categories, the privacy coin segment demonstrated remarkable resilience, potentially indicating shifting investor priorities or specific developments within the privacy technology space that merit closer examination amid the general market downturn.
📎 Related coverage from: cryptopotato.com