Privacy Coins Buck the Trend (Market Watch)

The total crypto market cap is down to just over $3.5 trillion.

Bitcoin’s early-November slump continues in full force as the asset plunged below $104,000 to mark a multi-month low (on most exchanges).

The altcoins have been battered even more, aside from a few privacy coins, which have registered impressive gains.

BTC Dives Below $104K

It was a week ago when the primary cryptocurrency tested the $116,000 resistance on a couple of occasions, but to no avail. The rejection following the second attempt was particularly painful as the asset slumped to $112,000 a day later. Then came the US Fed’s decision to lower the interest rates, which is typically regarded as a bullish development for risk-on assets.

However, BTC dropped once again, this time to under $110,000. After a brief and unsuccessful recovery attempt, the cryptocurrency initiated another leg down and dipped to $106,000 at the end of the business week.

It recovered some ground during the weekend and jumped to $111,000 on Sunday. However, the bears reemerged on Monday and drove bitcoin south to under $106,000. The pain continued in the past 12 hours or so as BTC dumped to just over $103,500 – the lowest level since late June (excluding the flash crash on Binance on October 17 to $101,000).

This means that bitcoin’s market cap has plummeted to $2.070 trillion on CG, while its dominance over the alts is up to 58.5%.

Privacy Coins Defy the Trend

As expected, most altcoins have posted even more painful declines than BTC over the past day. APT leads this negative trend with a massive 12% drop, followed by WLFI, TON, ATOM, CRO, KAS, BGB, ASTER, and many others.

The larger caps are in no better shape. Ethereum has slumped below $3,500, BNB plunged to $950, and XRP is down to $2.26. ADA, LINK, SOL, HYPE, TRX, DOGE, BCH, and SUI are deep in the red as well.

In contrast, DASH has skyrocketed by more than 70%, followed by ICP’s 35% surge, and ZEC’s 23% pump.

The total crypto market cap has lost another $150 billion in a day and is down to $3.530 trillion on CG.