Introduction
Bitcoin has plunged to a seven-month low below $90,000, dragging most major altcoins down with it in a dramatic market sell-off that erased $150 billion from the total cryptocurrency market capitalization. While Ethereum, Binance Coin, and Ripple all suffered significant losses, a handful of cryptocurrencies including Internet Computer (ICP), Hype (HYPE), and Aster (ASTER) defied the market-wide downturn with notable gains. The sharp decline marks Bitcoin’s lowest price point since April and reflects growing investor anxiety throughout November.
Key Points
- Bitcoin's market dominance dropped below 57% as its price fell to seven-month lows
- Total cryptocurrency market capitalization lost $150 billion in a single day, falling to $3.2 trillion
- Three altcoins (ICP, HYPE, ASTER) defied the market trend with gains of 5.5% to over 15%
Bitcoin's Steep November Decline
Bitcoin’s dramatic downturn throughout November culminated in a violent drop below $90,000 on Monday evening, marking the cryptocurrency’s lowest price level in approximately seven months. The primary cryptocurrency entered November trading around $111,000 but quickly dipped below the psychological $100,000 barrier during the first week. Despite a brief recovery to over $107,000 last Tuesday, the digital asset has experienced consistent selling pressure since then.
The decline accelerated on Thursday evening when Bitcoin dropped below $100,000, followed by another nosedive to $94,000 on Friday. While the weekend provided some stability with Bitcoin trading in a tight range between $94,000 and $96,000, the relief proved temporary. Sunday brought renewed selling pressure that culminated in Monday’s dramatic drop to under $90,000. Although Bitcoin has since recovered slightly to around $91,000, its market capitalization has dumped to just over $1.8 trillion, while its dominance over altcoins has plunged below 57%.
Altcoins Follow Bitcoin's Bearish Lead
As typically occurs when Bitcoin heads south, most major altcoins followed the primary cryptocurrency’s bearish trajectory. Ethereum dipped below the critical $3,000 support level yesterday and remains approximately 5% down on the day despite slight recovery above that psychological barrier. Ripple (XRP) has lost 4.5% of its value, while privacy-focused Zcash (ZEC) has plunged by more than 10% in the market-wide downturn.
The sell-off extended across the broader cryptocurrency ecosystem, with Cardano (ADA), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX), and Hedera (HBAR) all trading deep in the red. Most lower- and mid-cap altcoins found themselves in similar or even worse conditions, reflecting the comprehensive nature of the market decline. The total cryptocurrency market capitalization has lost another $150 billion in a single day, dropping to approximately $3.2 trillion according to market data.
Defiant Performers in a Bleak Market
Despite the overwhelming bearish sentiment across cryptocurrency markets, a handful of digital assets managed to defy the downward trend. Internet Computer (ICP) emerged as the standout performer, surging by more than 15% to trade above $5.60 amid the broader market collapse. The token’s significant gains positioned it as the top performer among major cryptocurrencies during Monday’s trading session.
Hype (HYPE) also demonstrated remarkable resilience, soaring past the $40 mark following a 5.5% daily jump that contrasted sharply with the prevailing market conditions. Similarly, Aster (ASTER) posted impressive gains of 7.5%, pushing its price above $1.30 while most other digital assets experienced substantial losses. These three cryptocurrencies—ICP, HYPE, and ASTER—represented rare bright spots in an otherwise bleak trading environment, demonstrating that selective opportunities can emerge even during broad market downturns.
📎 Source reference: cryptopotato.com