Crypto Price Analysis 11-18: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, FILECOIN: FIL, JUPITER: JUP

The crypto market rout intensified over the past 24 hours as Bitcoin (BTC), Ethereum (ETH), and other tokens traded deep in the red. The market extended its downturn for a third straight day, with most cryptocurrencies down between 5% and 7%. Layer2 tokens were hit harder, with some tokens collapsing by over 21%. 

BTC’s decline deepened as it slipped below $90,000, a key psychological level. The flagship cryptocurrency is down nearly 6%, trading around $89,950 as it struggles to reclaim $90,000. 

Meanwhile, ETH is down over 5%, trading around $3,025. The world’s second-largest cryptocurrency fell to a low of $2,955 before moving to its current level. Ripple (XRP) is down 4.54%, while Solana (SOL) is down over 3% at $137. Dogecoin (DOGE) is down nearly 5% and Cardano (ADA) is down over 6% at $0.464. Chainlink (LINK) and Stellar (XLM) are down almost 5%, while Hedera (HBAR) is down 4.33% at $0.144. Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) have also registered substantial declines over the past 24 hours. 

Over $450 Billion Wiped Out From Cryptocurrency Market

The past week has seen $450 billion wiped out from the cryptocurrency sector as its market capitalization struggles to stay above the $3 trillion mark. The weeklong shakeout has led to Bitcoin (BTC) dropping below $90,000, while Ethereum (ETH) fell below $3,000 before posting a marginal recovery. Despite the decline, investors are optimistic that the bull run has one last rally left. Market watchers point out that such drops flush out excess leverage from the market and fuel the next leg up, highlighting similar price movements before the market rallies of 2013, 2017, and 2021. 

However, some market watchers believe the current downtrend has pushed sentiment into bearish territory. They highlighted a mix of technical breakdowns, institutional selling, and tightening liquidity to point out that the market may have topped around $126,000. 

Crypto ETPs Register Biggest Outflows Since February 

Crypto investment products have recorded their largest weekly outflows since February, as investors withdrew over $2 billion amid a decline in risk appetite. Last week’s outflows recorded a 71% increase from the $1.17 billion recorded the week prior, and mark the third consecutive week of outflows, taking the cumulative net outflows to $3.2 billion. James Butterfill, CoinShares’ head of research, believes the outlaws are linked to uncertainty around monetary policy and heavy selling by crypto-native whales. Total assets under management (AUM) in crypto ETPs have declined from $264 billion to $191 billion, a 27% decline. 

CoinShares also highlighted that while single-asset ETPs registered sharp outflows, multi-asset ETPs have recorded substantial inflows. Multi-asset ETPs have recorded $69 million in net inflows over the past three weeks, as investors seek to reduce exposure to volatility amid market uncertainty. 

Bitcoin (BTC) Price Analysis 

Bitcoin’s (BTC) downtrend shows no signs of slowing down as it plunged below $90,000 during the ongoing session. The flagship cryptocurrency registered a sharp drop on Sunday, falling 1.42% to $94,183. Selling pressure intensified on Monday as the price fell 2.21% to $92,158. BTC slipped below $90,000 during the ongoing session, falling to a low of $89,183 before moving to its current level. 

Despite the overwhelming downward pressure, BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan, BTC, and the crypto market could hit a bottom this week. BTC fell to its lowest level in over seven months, with Lee stating that the cryptocurrency market is suffering after October’s liquidation event, and buyers are still unsure about whether the Federal Reserve will cut interest rates in December. Lee stated during an interview, 

Crypto executives believe the recent weakness in the market is due to a combination of factors such as the outflows from ETFs, selling by long-term holders, and escalating geopolitical tensions. Hougan struck an optimistic note, stating that with the market bottom approaching, long-term holders have a “generational opportunity” to purchase more BTC at low prices. He also highlighted investor uncertainty about the economy, artificial intelligence valuations, and tariffs as possible causes of the ongoing market decline. 

On the other hand, Lee predicted BTC will regain all its lost ground and surge to a new all-time high by the end of the year. 

BTC ended the previous weekend in positive territory, rising over 2% and settling at $104,694. The price continued pushing higher on Monday, rising 1.23% to cross $105,000 and settle at $105,979. BTC reached an intraday high of $107,482 on Tuesday. However, it lost momentum as bear market conditions set in. As a result, it fell nearly 3% and settled at $103,009. Sellers retained control on Wednesday as the price fell 1.33% to $101,639.

Source: TradingView

BTC faced substantial selling pressure and volatility on Thursday. As a result, it slipped below the crucial $100,000 mark, falling to a low of $97,870 before settling at $99,614. Selling pressure intensified on Friday as the price plunged over 5%, falling to a low of $93,951 before settling at $94,503. Despite the overwhelming selling pressure, BTC recovered on Saturday, rising 1.10% to reclaim $95,000 and settling at $95,544. Selling pressure returned on Sunday as BTC fell to a low of $92,943 before settling at $94,183, ultimately dropping 1.42%. Bearish sentiment persisted on Monday as the price fell by over 2% and settled at $92,100. BTC slipped below $90,000 during the ongoing session, falling to a low of $89,183 before moving to its current level of $92,100.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has registered a marginal recovery during the ongoing session, reclaiming $3,000. The altcoin ended the weekend in the red, dropping over 2% after facing substantial volatility and settling at $3,097. ETH rallied to an intraday high of $3,220 on Monday before losing momentum and settling at $3,029, ultimately dropping 2.18%. The price is up 0.62% during the ongoing session, trading at $3,048.

While ETH struggles to regain momentum after its weekend decline, institutional investors remain convinced of its potential. The latest entity to bet on ETH is Republic Technologies, which has secured a $100 million convertible note facility to build an ETH treasury. The company stated it would use financial terms that are “unique” in the digital asset sector. According to Republic Technologies, the facility carries a 0% interest rate, does not require outgoing interest payments, and does not include collateral requirements if the price of ETH declines.

The company emphasized that its raised limits dilution, contrasting it with BitMine Immersion’s recent $365 million financing, which included warrant coverage, resulting in shareholder dilution. Republic Technologies intends to deploy the capital to expand its ETH treasury strategy, and joins a niche group of publicly traded entities pursuing a similar strategy.

Additionally, data from CoinGlass reveals that the number of ETH tokens held on centralized exchanges has seen a substantial drop. Centralized exchanges currently hold 11.96 million ETH tokens, down from a high of 16.36 million in July. Falling exchange balances are often interpreted as a bullish sign as they indicate investors are moving their assets into self-custody. It also means a drop in selling pressure.

ETH ended the previous weekend in positive territory, rising over 5% and settling at $3,583. It faced selling pressure and volatility on Monday before registering a marginal decline and settling at $3,567. Bearish sentiment intensified on Tuesday as the price fell over 4%, slipping below $3,500 to $3,417. ETH reached an intraday high of $3,586 on Wednesday. However, it lost momentum after reaching this level and settled at $3,414, ultimately registering a marginal decline.

Source: TradingView

Bearish sentiment intensified on Thursday as ETH fell 5.34% to $3,231. Sellers retained control on Friday as the price fell nearly 4% and settled at $3,111. ETH recovered on Saturday despite the overwhelming selling pressure, rising 1.78% to $3,167. Price action returned to bearish territory on Sunday as ETH fell 2.20% to a low of $3,009 before settling at $3,097. The price reached an intraday high of $3,220 on Monday. However, it lost momentum after reaching this level and settled at $3,029, ultimately dropping over 2%. The altcoin is marginally up during the ongoing session, trading around $3,036.

Solana (SOL) Price Analysis

Solana (SOL) has made a sharp recovery during the ongoing session. The altcoin dropped 1.66% on Sunday, ending the weekend at $137. Selling pressure intensified on Monday as the price fell 4.55% to $130. SOL is up over 5% during the ongoing session, trading around $137.

According to on-chain data, SOL is witnessing a surge in demand from large wallet holders keen to buy the dip. According to data from CryptoQuant, the average order size of the executed trades in the SOL spot market indicates large whale orders. Additionally, the Cumulative Volume Delta (CVD) is showing a positive difference in the market’s buy and sell order volume, indicating buying pressure.

SOL ended the previous weekend in positive territory, rising over 4% to $164. Buyers retained control on Monday as the price rose 1.66% and settled at $167. However, selling pressure returned on Tuesday as SOL plunged nearly 8% to $154. Sellers retained control on Wednesday as the price fell 0.78% and settled at $153. Buyers attempted a recovery on Thursday as SOL reached an intraday high of $157 before losing momentum and settling at $144, ultimately dropping 5.67%.

Source: TradingView

SOL’s downtrend continued on Friday as it fell 4% and settled at $138. Price action was mixed over the weekend as SOL registered a marginal increase on Saturday before dropping 1.66% on Sunday and settling at $137. Selling pressure intensified on Monday as SOL fell 4.55% and settled at $130. SOL has made a strong recovery during the ongoing session, and is up over 5% at $138.

Filecoin (FIL) Price Analysis

Filecoin (FIL) started the previous weekend on a bullish note, surging over 78% and settling at $3.389. However, price action turned bearish over the weekend as FIL fell 12.65% on Saturday and 6.12% on Sunday to settle at $2.779. Sellers retained control on Monday as the price dropped by over 8% to $2.554. Selling pressure intensified on Tuesday as FIL fell nearly 13% and settled at $2.227. The price faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as FIL fell 1.39% to $2.186.

Source: TradingView

Price action remained bearish on Thursday as FIL fell almost 6% and settled at $2.067. Selling pressure persisted on Friday as the price fell 3.68%, slipping below $2 to $1.991. FIL rose over 2% on Saturday before dropping 3.51% on Sunday, ending the weekend at $1.960. FIL started the current week in positive territory, rising over 3% and settling at $2.026. However, selling pressure has returned during the ongoing session, with the price down over 3% at $1.964.

Jupiter (JUP) Price Analysis

Jupiter (JUP) registered a drop of 1.82% on Saturday (November 8) and settled at $0.348. The price recovered on Sunday, rising 1.19% and settling at $0.352. Buyers retained control on Monday as JUP rose 3.33% and settled at $0.364. However, selling pressure returned on Tuesday as the price fell nearly 8% to $0.336. Selling pressure persisted on Wednesday as JUP fell 1.12% and settled at $0.332.

Source: TradingView

JUP fell over 6% on Thursday and settled at $0.311. Selling pressure intensified on Friday as the price fell nearly 11% to $0.278. Price action was mixed over the weekend as JUP rose 1.62% on Saturday before dropping 2.26% on Sunday to settle at $0.276. Bearish sentiment intensified on Monday as the price fell by over 5% and settled at $0.262. JUP is up 2.50% during the ongoing session, trading around $0.268.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.