No shelter under $70,000. Bitcoin's overnight breakout dragged down all large caps, and altcoins once again amplified the fall. Ether fell back below $2,000 for the first time since August, XRP came close to the symbolic dollar and Dogecoin hit a three-year low. The following figures were recorded on Friday November 13 around 6 a.m., in a market where liquidations have been going on for three days.
The key points of this article:
Ether is trading at around $1,930, down 6% over 24 hours and 13% over the week.
XRP shows the worst performance of the majors since November 4, at -23%.
Dogecoin fell towards $0.067, 90% of its all-time high.
The Osmosis network no longer produces blocks and Upbit has frozen OSMO transfers.
Ether below 2,000 dollars: a threshold that had not given way since August
The second largest asset on the market fell towards $1,930 overnight, after falling to $1,925 at its lowest level. Over 24 hours, the drop reached 6%, over seven days 12.7%. Ether therefore performed worse than bitcoin over the week (-9%), which is the rule in a phase of stress: investors first sell what moves the most.
The leverage figures confirm the picture. CoinGlass attributes $191 million in liquidations to ether on the day, behind bitcoin’s $677 million. Spot Ether ETFs saw $144.8 million in outflows on Wednesday, in the wake of massive withdrawals from Bitcoin ETFs.
There remains one drawback to note. Bitmine, the largest corporate treasury in ether, continues to buy despite posting $6.3 billion in losses in its fiscal year. These purchases were not enough to hold the $2,000. They at least give an idea of the price at which a big player considers the token cheap.
XRP, Solana, BNB: the reddest week for major altcoins
XRP is trading around $1.01. Its drop of 3.7% over 24 hours seems wise compared to the others. She's cheating. Since November 4, the token has lost 23.4%, compared to 18.2% for ether, 17% for Solana and 10.4% for bitcoin. The supports at 1.19, 1.14 then 1.10 dollars have given way one after the other, and the zone from 1 to 1.04 dollars now acts as the last defense. Before the correction, long positions below the price were worth almost six times more than short positions above. Leveraged buyers paid.
Solana is trading at $78.4, down 5.5% for the day and 12.3% for the week, with $25 million in liquidations. BNB is holding up better than the others at $635, despite -6.2% over 24 hours: over seven days, it only loses 8.3%, less than bitcoin. Further down the rankings, Monero, Stacks and GT are dropping 7% or more.
Dogecoin at three-year low, Osmosis no longer produces blocks
Dogecoin has not been this low since 2023. The memecoin has fallen towards $0.067, or 90% below its record, and its monthly RSI (an indicator of the speed of the movement) displays its most oversold level since 2022, notes CryptoPotato. The analysts cited see this as a historic buying signal. Long-time holders mainly see a portfolio that has been melting for months. Follow the course on our Dogecoin (DOGE) page.
The most worrying case of the night concerns Osmosis. The Cosmos ecosystem blockchain has stopped producing blocks, and Upbit has suspended OSMO deposits and withdrawals on its native network. Trading of the token continues on the South Korean exchange, but no one can move their funds until validators restart the chain. Osmosis has already experienced a similar shutdown in June 2022, after a $5 million exploit on its liquidity pools.
