Bitcoin Settles at $96K After Friday Crash
The market-wide Friday crash pushed bitcoin's value south to just under $94,000, marking a new six-month low, before the asset finally bounced off to around $96,000.
Bitcoin began November at approximately $111,000 but quickly lost that level, dipping below $100,000 last week. The cryptocurrency attempted a rebound in the following days, culminating on November 11th after US President Trump hinted at a potential end to the government shutdown and promised tariff checks of at least $2,000 for some Americans.
BTC briefly topped $107,000 on Monday but was quickly halted and driven down to under $104,000. Following a few days of sideways trading around that level, the bears gained complete control of the market, driving the price down to $98,000. This support level had held during the previous correction, but it gave way this time.
Bitcoin plunged further below that line on Friday, bottoming out at $94,000, its lowest price since May. The bulls finally re-emerged after this substantial decline, helping BTC recover a couple of thousand dollars.
Despite the recovery, bitcoin's market capitalization has slumped to $1.910 trillion, and its dominance over altcoins stands at 57.3% according to CG data.
ZEC Defies Market Crash While Other Altcoins Follow BTC
Most larger-cap altcoins have failed to produce any impressive recovery attempts, with the notable exception of ZEC, which appears to be defying market logic.
All altcoins followed BTC's downward trend, experiencing massive declines from ETH, XRP, SOL, BNB, TRX, DOGE, ADA, and many others on Friday. However, ZEC, the privacy coin, is trading in its own distinct pattern. It skyrocketed to over $700 on Friday before slipping back down to $640. Despite this correction, it remains up by 21% on a daily scale. LTC and XMR are also showing positive gains on a daily basis.
The cumulative market capitalization of all cryptocurrency assets plummeted by over $200 billion from its peak to its trough in just a few days. While the metric has recovered some ground, it remains below $3.350 trillion on CG.
