Bitcoin faces 5th consecutive week of decline…Altcoins plunge by double digits, how low will they go?

▲ Bitcoin (BTC) crash / ChatGPT generated image ©

Bitcoin (BTC) is struggling to rebound below the $76,000 mark and is poised for its fifth consecutive weekly decline, while major altcoins have plunged by double digits, causing approximately $100 billion to evaporate from the cryptocurrency market in a single week.

According to crypto media outlet Cryptopotato on November 8 (local time), Bitcoin is currently trading slightly below $76,000 and is set to close its fifth consecutive week of decline. Immediately after a $6.3 billion hacking incident occurred at Binance in late October, Bitcoin's price plummeted from $81,000 to $76,000 in about an hour. It later attempted a rebound but was capped at $79,000, continuing its bearish trend.

The US midterm elections and sharp volatility in the New York stock market also rattled Bitcoin's price. Bitcoin fell to a seven-week low of $75,800 after the Democratic Party's midterm election victory, but rebounded to $81,000 on Wednesday along with the New York stock market. However, it gave back all its gains within a day, and on Friday, it fell below $75,000 for the first time since the uptrend began in August. With no significant recovery thereafter, Bitcoin's market capitalization recorded $1.52 trillion, and its market dominance stood at around 60%.

The weekly decline in the altcoin market was even greater. Ethereum (ETH), Binance Coin (BNB), and Monero (XMR) only fell by 1-3%, but XRP (Ripple), Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA) plunged by up to 8.5%. Notably, Near Protocol (NEAR) fell by 15%, Bitcoin Cash (BCH) by 13%, HyperLiquid (HYPE) by 12%, and Stellar Lumens (XLM) by 11%, showing prominent weakness among the top altcoins by market capitalization.

The decline in some small and medium-sized altcoins was even more pronounced. Ethena (ENA) plummeted over 18% in a week, while Ondo Finance (ONDO) dropped by 12%, and Pump.fun (PUMP) fell by more than 14%. In contrast, Tron (TRX) and BTW maintained an upward trend, contrasting with the overall bearish market. Zcash (ZEC) also rose by 2% on a weekly basis, but further gains were limited after reaching $1,330 the previous day.

The total market capitalization of the cryptocurrency market decreased by approximately $100 billion in a week, totaling $2.55 trillion. While there were no significant price changes in the altcoin market in the last 24 hours, many major assets recorded substantial losses on a weekly basis. With Bitcoin continuing its weakness below $76,000, its market dominance has once again reached 60%.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*