If you thought crypto was a rollercoaster, hold onto your hats and wallets-November 18th decided to prove that wrong with a steep plunge down a financial cliff. The altcoin market briefly slumped to $1.28 trillion, mostly because Bitcoin had the audacity to dip below $90,000. Who knew digital money could be so… literal?
AI Bubble Fears Fuel Bearish Sentiment
On Nov. 18, just hours after Bitcoin (BTC) plummeted below $90,000 for the first time since April 22, the altcoin market looked like it had been hit by a rogue black hole. Ethereum (ETH), the crypto world’s overachieving second-place finisher, briefly slumped to $2,944 before limping back to $3,050. Meanwhile, the broader crypto economy took a 4% hit, and ETH’s seven-day losses hit 14%-a small victory over BTC’s 13%. Congrats, Ethereum. You’re the emotional support token now. 🤕
The altcoin market’s existential crisis was fueled by investors sweating over AI’s “dotcom moment.” Sundar Pichai, CEO of Alphabet (Google’s parent company), casually mentioned in a BBC interview that the AI boom might be a bit “overhyped”-a statement that sent crypto traders into a panic reminiscent of someone spilling coffee on a laptop. Pichai did add that the AI investments will “have a profound effect in the years to come,” which, in Google-speak, means “we’ll figure it out later.” 🤷
High-Cap Altcoins See Steep Losses
Other high-cap altcoins joined the freefall, with XRP briefly hitting $2.12 (last seen there in June), BNB dropping 1.7% to $918, and SOL sliding 3% to $137. Even TRX, DOGE, and ADA couldn’t escape the carnage. Zcash (ZEC), however, managed to outdo everyone by plunging 13.8% in 24 hours-though it still managed a 24% weekly gain, proving that sometimes, the only way out is through. Hyperliquid (HYPE), meanwhile, tried to be a hero by rising 5.3% in a day. Brave soul. 🎩
While the market bled, ZEC’s 13.8% drop was the crypto equivalent of a midlife crisis. But hey, at least it’s still up 24% for the week. Maybe it’s just… expressive. 🤡
FAQ 💡
- What triggered the latest crypto downturn? Investor fears of an AI bubble burst spilled into global markets, sparking risk-off sentiment. Basically, everyone’s watching the clock and hoping it doesn’t explode. 🔥
- How did Bitcoin and Ethereum react? BTC fell below $90K, while ETH dipped under $3K before recovering slightly. Think of it as crypto’s version of a bad hair day. 🐘
- Which altcoins saw the steepest losses worldwide? XRP, BNB, SOL, ADA, DOGE, and TRX all dropped, with ZEC plunging 13.8% in 24 hours. It’s like a crypto stock market crash, but with fewer dividends and more existential dread. 😬
- Were there any standouts amid the sell-off? ZEC posted 24% weekly gains, and HYPE rose 5.3% in 24 hours. If you’re not panicking, you’re probably doing something wrong. 🎯
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2025-11-18 15:08