Altcoins Deep in Red (Market Watch)

After yesterday’s enhanced volatility, bitcoin remained calm around $65,000 but has headed south once more. Most altcoins have also bled out, with massive losses coming from Solana, Cardano, Ripple, Polkadot, and more.

Bitcoin Drops to $64K

The past several days were going well for the primary cryptocurrency, which spiked from $60,000 to $66,000 on November 8th. It went even further and broke the October peak of $67,000.

Bitcoin actually registered two consecutive all-time highs, with the latest coming at $69,000 on November 10th. This is where the landscape changed, though, and in just a matter of hours, the asset plummeted by several thousand dollars to a daily bottom of $63,000.

After causing mass pain for leveraged traders, BTC bounced off and calmed around $65,000. It ranged around that level for a while before it dropped to $64,000 minutes ago, where it’s currently situated as well.

Its market capitalization has remained just over $1.2 trillion, and the dominance over the altcoins stands above 43%.


BTCUSD. Source: TradingView

Alts in Green, Not SHIB and ALGO

Most alts have mimicked BTC’s performance as of late. Ethereum also charted a new all-time high at nearly $4,900 two days ago but dumped by several hundred dollars and bounced off somewhat immediately. As of now, ETH is in the red again with a minor 1.3% daily drop.

Binance Coin and Dogecoin have marked similar price dips, with BNB sitting at $620 and DOGE trading at $0.25.

More losses are evident from Solana (-6%), Cardano (-5%), Ripple (-5%), Polkadot (-7%), Terra (-6%), and Avalanche (-4.5%).

Shiba Inu and Algorand are the only two coins in the green. SHIB has seen a minor 2% increase, while ALGO is up by 6% to $2.15.

Decentraland is the most significant gainer on a 24-hour scale with a massive 16% surge. In contrast, OMG Network is down by 27%, followed by IoTeX (-18%), Loopring (-12%), Livepeer (-11%), Helium (-10%), and OKB (-10%).

The total crypto market cap is down by $100 billion in a day and is well below $3 trillion on CoinGecko as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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