Bitcoin’s early-November slump continues in full force as the asset plunged below $104,000 to mark a multi-month low (on most exchanges).
The altcoins have been battered even more, aside from a few privacy coins, which have registered impressive gains.
It was a week ago when the primary cryptocurrency tested the $116,000 resistance on a couple of occasions, but to no avail. The rejection following the second attempt was particularly painful as the asset slumped to $112,000 a day later. Then came the US Fed’s decision to lower the interest rates, which is typically regarded as a bullish development for risk-on assets.
However, BTC dropped once again, this time to under $110,000. After a brief and unsuccessful recovery attempt, the cryptocurrency initiated another leg down and dipped to $106,000 at the end of the business week.
It recovered some ground during the weekend and jumped to $111,000 on Sunday. However, the bears reemerged on Monday and drove bitcoin south to under $106,000. The pain continued in the past 12 hours or so as BTC dumped to just over $103,500 – the lowest level since late June (excluding the flash crash on Binance on October 17 to $101,000).
This means that bitcoin’s market cap has plummeted to $2.070 trillion on CG, while its dominance over the alts is up to 58.5%.
As expected, most altcoins have posted even more painful declines than BTC over the past day. APT leads this negative trend with a massive 12% drop, followed by WLFI, TON, ATOM, CRO, KAS, BGB, ASTER, and many others.
The larger caps are in no better shape. Ethereum has slumped below $3,500, BNB plunged to $950, and XRP is down to $2.26. ADA, LINK, SOL, HYPE, TRX, DOGE, BCH, and SUI are deep in the red as well.
In contrast, DASH has skyrocketed by more than 70%, followed by ICP’s 35% surge, and ZEC’s 23% pump.
The total crypto market cap has lost another $150 billion in a day and is down to $3.530 trillion on CG.
The post Bitcoin, Altcoins Take Another Beating: Privacy Coins Buck the Trend (Market Watch) appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
