Bitcoin’s Monday kicked off with a bang in an unwanted direction, with the asset tumbling below $74,000 for the first time since the breakout rally in mid-August.
The altcoins followed suit, and some posted even more profound losses, such as ETH and XRP. The total crypto market cap tanked below $2.5 trillion.
BTC Slides Below $74K
October ended in the red for the leading cryptocurrency, proving the ‘Uptober’ narrative wrong again. The asset dropped by over 7%, and a major portion of those losses came at the end of the month following the massive exploit against Binance. The new month started with more volatility ahead of and after the US midterm elections last Tuesday.
Bitcoin dropped to $75,600 after the Democratic sweep but skyrocketed to $81,000 hours later as the uncertainty supposedly disappeared. However, it quickly returned on Thursday afternoon when BTC, alongside Wall Street and most major financial markets, crashed again. This time, bitcoin dumped even harder, dipping below $75,000 on Friday.
After spending the weekend trading sideways between $75,500 and $76,000, the bears resumed control on Monday morning again. They drove the cryptocurrency to a fresh multi-month low of $73,500 earlier today, while the total value of liquidations jumped to $1 billion.
Despite rebounding to $74,200 as of now, BTC is still deep in the red on a daily and weekly scale. Its market cap has dropped to $1.490 trillion on CMC, while its dominance over the alts remains inches above 60%.
BTCUSD November 9. Source: TradingView
Alts Turn Red
Ethereum is among the poorest performers today, dumping by almost 6% to $2,100. The move south has liquidated some major players, but whales have used the opportunity to buy the dip. XRP’s losses are similar, and the cross-border token is below $1.10 now. HYPE is down by over 5%, and so is NEAR.
SOL, ZEC, DOGE, LINK, UNI, XLM, and TAO are also in the red, while RAIN has plunged by over 16%. PEPE and QNT are among the few alts in the green now.
The total crypto market cap has declined by over $80 billion in a day, and it’s down to $2.470 trillion on CMC. While this sounds like a painful drop, because it is, it’s still nothing compared to last Thursday’s Wall Street crash.
Cryptocurrency Market Overview November 9. Source: QuantifyCrypto
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