Why Is the Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) are continuing their decline, wiping out a chunk of the gains noted in October. Among the altcoins, THORChain (RUNE) took the biggest hit as it fell by nearly 9% in the last 24 hours.
In the news today:
- MetaWin, an online casino platform, was exploited on November 3, resulting in a $4 million loss. CEO Skel reported that funds were replenished following the attack, and withdrawals have since resumed for 95% of customers.
- Kraken has introduced a new suite of crypto derivatives for Australian wholesale clients, aligning with local regulatory standards after a recent legal challenge. According to Kraken’s Australia GM Jonathon Miller, this launch meets rising institutional demand for secure, compliant trading options.
The total crypto market cap has dropped by over $144 billion in the past five days, with the weekend extending the decline. Currently, TOTAL stands at $2.26 trillion, reflecting a significant pullback as market volatility persists.
TOTAL is aiming to hold above the $2.24 trillion support level. Maintaining this floor is essential for recovery, as reclaiming $2.29 trillion would signal renewed momentum and could pave the way for further gains.
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Total Crypto Market Cap Analysis. Source: TradingView
However, if TOTAL loses support at $2.24 trillion, the crypto market cap could experience a deeper drawdown, potentially falling to $2.11 trillion. This loss would increase bearish pressure, signaling caution across digital asset markets.
Bitcoin Loses Key SupportBitcoin recently approached a new all-time high but fell short, with the cooldown from its rally causing BTC to lose support at $70,000. This decline reflects current market volatility and investor caution as BTC struggles to maintain upward momentum.
Currently trading at $69,200, Bitcoin is holding just above the key support level of $68,248. A successful bounce from this level could renew BTC’s upward movement, pushing the cryptocurrency back above the $71,367 resistance. Breaking this barrier might reignite optimism for a potential rally.
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Bitcoin Price Analysis. Source: TradingView
On the other hand, if Bitcoin loses support at $68,248, it risks falling to $65,292. Such a decline would delay hopes of reaching a new all-time high, signaling a period of extended consolidation and testing investor patience.
THORChain Comes Crashing DownRUNE’s price has dropped by 8.8% over the last 24 hours, currently trading at $5.05 after losing support at the 38.2% Fibonacci Retracement level of $5.37. This decline highlights a challenging period for the altcoin amid broader market volatility.
The next likely move for RUNE could be a decline toward the critical $4.50 support floor, a level that has provided stability in the past. If reached, RUNE may find temporary consolidation above this level, awaiting market cues to determine the next trend direction.
Read more: What Is Blockchain and How Does it Work?
RUNE Price Analysis. Source: TradingViewHowever, if the broader market sentiment turns bullish, RUNE could aim to reclaim $5.37 as a support level. Recovering this point would counter the bearish outlook and potentially set the stage for a more substantial recovery in RUNE’s price.
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