The market-wide Friday crash pushed bitcoin south to just under $94,000, which became a new six-month low, before the asset finally bounced off to around $96,000.
Most larger-cap altcoins have failed to produce any impressive recovery attempts, aside from ZEC, which defies market logic.
Bitcoin began November at around $111,000 but quickly lost that level and dipped below $100,000 last week. It tried to rebound in the following days, which culminated at the beginning of the business week (on November 11) after US President Trump hinted that the US government shutdown might end soon and promised tariff checks of at least $2,000 for some Americans.
BTC topped $107,000 on Monday but was quickly stopped and driven down to under $104,000. Following a few days of sideways trading around that level, the bears took complete control of the market and drove it south to $98,000. This support held during the previous such correction, but gave in this time.
Bitcoin plunged on Friday further below that line and bottomed at $94,000, which became its lowest price tag since May. The bulls finally reemerged after this substantial plunge and helped BTC recover a couple of grand.
Nevertheless, its market capitalization has slumped to $1.910 trillion, while its dominance over the altcoins sits at 57.3% on CG.
All altcoins followed BTC on the way south, with massive declines from ETH, XRP, SOL, BNB, TRX, DOGE, ADA, and many others on Friday. Well, when we say all we mean all but ZEC. The privacy coin trades in its own universe and skyrocketed to over $700 today before it slipped back down to $640. Yet, it’s still up by 21% daily. LTC and XMR are in the green as well on a daily scale.
The cumulative market capitalization of all cryptocurrency assets plummeted by over $200 billion from top to bottom in just a few days. The metric has recovered some ground but it’s still below $3.350 trillion on CG.
