The cryptocurrency market is facing continued downward pressure today, with Bitcoin ($BTC ) dipping to its lowest level since late June at around $103,000-$104,000, down approximately 3-4% in the last 24 hours amid a broader risk-off sentiment.
The global market cap has likely contracted further (estimated around $3.5-3.6 trillion based on recent trends), influenced by a strengthening U.S. Dollar Index (DXY) surpassing 100 for the first time since August.
Ethereum ($ETH ) is trading near $3,488, down 5.35%, while major altcoins like Solana (SOL) at $159 (down 8.89%), BNB at $948 (down 6.88%), and $XRP at $2.25 (down 5.40%) are also declining.
Liquidations and outflows have intensified, with $187 million in Bitcoin spot ETF outflows and $135.7 million from Ethereum ETFs on November 3 alone.
However, privacy coins are bucking the trend, with Zcash (ZEC) surging 22% to $468 on $1.5 billion in volume, and Dash (DASH) also leading gains.
Meme coins like Jelly-My-Jelly (JELLYJELLY) exploded 155% to a $196 million market cap.
Analysts maintain a stable outlook for Bitcoin, eyeing potential recovery to $150,000 by year-end despite current headwinds.
Jim Cramer's declaration of "bear market territory" is being viewed by some as a contrarian bottom signal.
