Summary
- Global crypto market capitalization fell 5.04% to $2.47 trillion in 24 hours.
- Bitcoin dropped 2.19% to $74,105.62, falling below the $75,000 level.
- Ethereum lost 5.77% to trade at $2,102.88, while XRP fell 6.22% to $1.09.
The crypto market shed roughly $131 billion in value over the past day, according to aggregated data from CoinGecko, as declines swept across nearly every major digital asset. Total trading volume reached $69.76 billion, while Bitcoin's dominance of the overall market held near 60.2%. Bitcoin itself fell 2.19% to $74,105.62, extending a slide that has pushed the token to its lowest levels since mid-August, alongside broader weakness in technology stocks tied to volatility in chipmaker shares.
Ethereum suffered a sharper decline than Bitcoin, dropping 5.77% to $2,102.88 and landing among the day's biggest losers by dollar value. XRP fell 6.22% to $1.09, while Chainlink slipped 2.88% to $10.42 and Sui declined 3.01% to $0.82. Among trending tokens, Hyperliquid dropped 5.27% to $72.89 and Zcash fell 4.49% to $1,202.65, even as its development team proposed a further cut to block confirmation times following a recent network upgrade.
The steepest losses came from smaller-cap tokens. STONK collapsed 27.67% to $0.051, and Kinetiq fell 19.38% to $0.398, both registering among the day's largest trending declines. Derive dropped 9.82% to $0.295, and Pearl fell 9.58% to $1.61. Outside the trending list, Rain posted a 15.34% decline to $0.0046, marking one of the sharpest drops among tracked tokens with a market cap ranking.
Gains were scarce and modest by comparison. Pepe rose 3.36% to $0.00000508, the best performer among widely tracked tokens, while Aave added 1.06% to $131.23 and Hedera gained 1.03% to $0.067. Render stood out among trending coins with a 3.99% increase to $1.60, bucking the broader downturn. PAX Gold, a gold-backed token, rose a modest 0.66% to $4,083.53, reflecting demand for less volatile assets during the sell-off.
The downturn follows a week in which Bitcoin exchange-traded funds recorded their largest net outflows since late June, with roughly $1.21 billion pulled from BlackRock's IBIT fund as Bitcoin traded below $76,000. Regulatory pressure also weighed on sentiment, with a U.S. senator setting a Nov. 30 deadline for several major crypto firms, including Binance and Tether, to begin turning over records as part of a congressional inquiry. Binance separately notified French users that their accounts will close on Dec. 31, with monthly fees applying to remaining balances starting Nov. 29.