- The global market cap falls again by 2.94%.
- Bitcoin bleeds from the uprising bearish run by 2.00%.
- Ethereum gets farther and farther from the $4,000 mark.
- Binance falls below $550 after 4.15% efflux.
- Dogecoin stands as the sole gainer after 25.81% gains.
As investors expected, the global market cap has fallen further down rather than picking itself back up. There was hope that the major coins would turn things around before long, but unfortunately, it seems they have only fallen further down. It has been like this for the past two weeks since the start of the month.
The bearish run is going stronger than ever, and soon, the global market cap may be subject to crashing below $2T. Currently, the global market cap rests at $2.1 trillion after the intense drop in value. Its trading volume has once again soared by 48.97%. This rise in trading volume is due to the decreasing values of the top coins.
Forecasters predict that the bearish run will continue to the end of the month, given that it’s difficult to make a recovery easily from such a strong bearish market.
BTC falls further from $50k
All through November, we’ve been holding Bitcoin up to a standard of $60k. Investors worldwide had hoped that Bitcoin would make it to $60k by the end of November, and it had gotten very close up to $59k. It seemed that Bitcoin had $60k in the bag, but only the reverse happened. Instead of crossing the $60k mark, Bitcoin fell even below $50k, down to $45k.
It almost feels like crossing $60k is a distant dream now that investors are hoping for a bullish run to bring it back above $50k. Along with the values of BTC, investors’ standards have fallen as well. Leaving the idea of $60k behind, we now chase after Bitcoin to move above $50k.
As of now, it has lost 2% more value than yesterday and has seen even $45k yesterday. Now, it trades at $47,780. Its market cap has fallen by 2.29%, down to $900 billion, while its trading volume has risen 51.80% up to $36,043,006,146. We hope that Bitcoin makes a proper recovery soon as Bitcoin makes up 41.29% of the global crypto market dominance.
ETH and BNB suffer below their heinous values
Ethereum had been one of the few who hadn’t suffered as many losses as Bitcoin, Binance, Solana, and the rest. Now, the tides have turned, and Ethereum has taken a harder fall than ever in nearly a month. Recording a low of $3,700, Ethereum has not seen such a number in two months. As of now, it trades at $3,830, which is not much better than its previous value. Its market cap is hanging just above the surface of $455B after a 3.84% fall.
Binance, on the other hand, has also recorded the worst losses in the same range of time. In almost two months of keeping its head above the $550 range, Binance has lost 4.26% value. Now, it rests at $526.12, but its market cap has also suffered, dropping to $87 billion. Ethereum and Binance have been the lead altcoins for now, but the bearish run has left its mark on every coin.
DOGE, the only green chart in a sea of red
Dogecoin has been gaining more and more popularity since its launch eight years ago in the December of 2013. It has been going strong because of its base on the popular internet sensation Doge, a Shiba Inu dog circulating as a meme on the internet since 2013. It was created as a light-hearted coin to rival the intense base of Bitcoin.
Many internet influencers and even the CEO of Tesla have spoken about how much influence Dogecoin has on the crypto market. It is the only one displaying a green chart among all the red charts in the top 10 aside from USDC. It trades at $0.204 currently and is the top gainer for today. Ranking #9th on the market, its market cap is $27 billion.
The bearish run has only gotten worse within the last twenty-four hours as the global market cap threatens to give up on keeping above the $2T mark. Investors hope this is not the case, knowing just how badly the market cap could be affected if it dropped below $2T. It’s hard to believe that just at the end of last month, the crypto market had been expected the global market cap to rise above $3 trillion. We anticipate what the crypto market has in store for the rest of the month.