Bitcoin's Downturn
Bitcoin's downward trend continued into early November, with the asset experiencing a significant drop below $104,000, reaching a multi-month low on most exchanges.
This decline has also heavily impacted altcoins, with the exception of a few privacy coins that have managed to register notable gains.
BTC Dives Below $104K
Just a week prior, the primary cryptocurrency attempted to breach the $116,000 resistance level on multiple occasions but was unsuccessful. The rejection following the second attempt proved particularly detrimental, as the asset subsequently fell to $112,000 the following day. Shortly after, the US Federal Reserve announced a decision to lower interest rates, a move typically viewed as a positive development for risk-on assets.
Despite this, Bitcoin experienced another downturn, this time dropping below $110,000. Following a brief and unsuccessful recovery attempt, the cryptocurrency initiated another downward movement, dipping to $106,000 by the end of the business week.
Bitcoin managed to recover some ground over the weekend, climbing to $111,000 on Sunday. However, bearish sentiment re-emerged on Monday, driving the price of Bitcoin down to under $106,000. The downward pressure persisted over the subsequent 12 hours, with BTC falling to just over $103,500, its lowest point since late June, excluding the brief flash crash on Binance to $101,000 on October 17.
Consequently, Bitcoin's market capitalization has fallen to $2.070 trillion, according to CoinGecko, while its dominance over altcoins has increased to 58.5%.
Privacy Coins Defy the Trend
As anticipated, the majority of altcoins have experienced more significant declines than Bitcoin over the past day. APT has led this negative trend with a substantial 12% drop, followed by WLFI, TON, ATOM, CRO, KAS, BGB, ASTER, and numerous other assets.
Larger market cap cryptocurrencies are also facing considerable losses. Ethereum has fallen below $3,500, BNB has dropped to $950, and XRP is trading at $2.26. ADA, LINK, SOL, HYPE, TRX, DOGE, BCH, and SUI are also showing significant decreases in value.
In stark contrast, DASH has seen a remarkable surge of over 70%, followed by a 35% increase in ICP, and a 23% pump for ZEC.
The total cryptocurrency market capitalization has decreased by another $150 billion in a single day, now standing at $3.530 trillion, according to CoinGecko.
