Ethereum below $2,150, XRP at $1.10, Stellar loses 25% in one month: altcoins update
The cryptocurrency market fell on Monday, November 9, with $448 million in Ether positions liquidated in 24 hours.
Quick Look
- Ethereum is trading at $2,137 on Monday, November 9 at 6 a.m., after breaking $2,100 overnight. $448 million in Ether positions were liquidated in 24 hours, compared to $272 million on Bitcoin.
- XRP lost 11.7% in seven days, HYPE 15.6%, Stellar 12.4% over the week and 25.4% in one month despite its arrival in MetaMask.
- Zcash and Monero are almost stable.
AI-generated summary
Why It Matters
The article reports a bearish session in the cryptocurrency market on Monday, November 9, with Ethereum at the center of the liquidations. Vitalik Buterin posted a thread on X questioning the destruction of fees as a price floor for ETH. Stellar was added as the default network in MetaMask in late October at the Meridian conference in Lisbon.
Red for everyone. Ethereum is trading at $2,137 this Monday, November 9 at 6 a.m. after falling below $2,100 overnight. XRP is at $1.10 and Solana is at $87. The price of Ethereum has even concentrated more liquidations than that of Bitcoin. Stellar loses a quarter of its value in one month while MetaMask has just opened its doors to it.
$448 million in Ether positions were liquidated in 24 hours.
XRP drops 11.7% in seven days, HYPE 15.6%.
Stellar fell 12.4% over the week despite its arrival in MetaMask.
Zcash and Monero are almost stable over seven days.
Ethereum takes the brunt of the liquidations
Sunday night cost Ether bettors more than Bitcoin bettors. CoinGlass data counts $448 million in positions liquidated on ETH in 24 hours, compared to $272 million on BTC. The largest deleted order weighed 48 million dollars and it was also in Ether. The price broke $2,100. It returned to around $2,137 at 6 a.m., or 4.4% less for the day and 5.8% for the week.
Vitalik Buterin chose this weekend to shake up the house story. The co-founder believes that the destruction of fees has “never been a real floor” for the price of ETH, in a thread published on X. He prefers an Ether store of value. Justifying its capitalization by fees alone would, according to him, amount to valuing Ethereum like L’Oréal.
XRP and HYPE give up the most ground
Bitcoin loses 4.2% in seven days. XRP lost 11.7% and fell to $1.10, a threshold hit on Sunday evening. Solana fell 7.8% to $87.37. BNB limits the damage with a 3.4% drop and remains at $687.
The HYPE case is crueler. Hyperliquid’s token fell 15.6% over the week to $74.47. The platform nevertheless ran its perpetual contracts on Nvidia shares all weekend, while Wall Street was closed.
Stellar drops despite its arrival in MetaMask
Some of you have been keeping XLM since 2018 in an old wallet. They are worth $0.147 each this morning. The price of Stellar lost 12.4% in seven days and 25.4% in one month. The timing makes the fall strange. MetaMask made Stellar a default network at the end of October, during the Meridian conference in Lisbon: each account automatically receives a Stellar address derived from its recovery phrase, on mobile as on the extension. MetaMask claims over 30 million monthly users. The token was trading at around $0.17 on October 29.
Privacy cryptos resist
Privacy cryptos hold up better. Zcash at $1,231 and Monero at $599 are stable for seven days. Tron does better with 1.6% increase.
Open Questions
- What are the precise causes of the wave of liquidations on Ethereum?
- Will the addition of Stellar to MetaMask reverse the XLM downtrend?
- What specific positions were liquidated on ETH and BTC?
