Bitcoin Price Falls Below $108,000 as Crypto Market Slumps; DOGE & Cardano Down Over 25% This Month

The crypto market is seeing a major shake-up as Bitcoin tumbles below $108,000 and other top coins follow suit. Ethereum, Solana, Dogecoin, Cardano and nearly every major cryptocurrency are in the red. Analysts believe this dip could be a healthy pause before the next big rally, but for now, red dominates the charts.

Bitcoin Price Today

As of the latest update, Bitcoin price today is trading at $107,968.75, with a 2.48% decline in the past 24 hours. BTC has lost over 11.8% in the past month, with its market capitalisation currently standing at $2.16 trillion. Despite the dip, Bitcoin continues to dominate the crypto market, accounting for over 50% of the total capitalisation.

"BTC began November by crossing $111K and continues to trade within a tight range of $109K-$111K. The Fed Chair's hawkish tone and uncertainty over a December rate cut have kept investors cautious, while the ongoing U.S. government shutdown and lack of economic data added to market indecision. Support for BTC lies near $108.5K, with resistance around $110.5K-$111K. The consolidation phase often indicates potential strength building for the next leg. Traders can hold positions and prioritise risk management."

Analysts suggest that BTC's recent slide is linked to selling pressure from institutional investors and rising U.S. Treasury yields, which have affected risk-on assets.

Ethereum, XRP, and Binance Coin Also Slip

Ethereum price fell 4.52% to $3,733.50, with a total market cap of $452.24 billion. ETH has dropped nearly 17% in the last month, with a broader bearish sentiment across altcoins

XRP price also declined 3.65% to $2.44, while Binance Coin slipped 4.74% to $1,042.85, extending its weekly loss to over 8%.

Solana, Cardano, and Dogecoin Record Sharp Losses

Among the top 10 cryptocurrencies, Solana (SOL) and Dogecoin (DOGE) were the biggest losers. Solana plunged 5.41% to $177.87, wiping out over 21% of its value this month, while Dogecoin tumbled 6.73% to $0.1757, marking a 30% monthly decline.

Cardano (ADA) also witnessed heavy selling, falling 6.50% to $0.5770, as investors moved away from riskier assets amid increased volatility.

Stablecoins Hold Firm

In contrast, Tether (USDT) and USD Coin (USDC)-the top stablecoins-maintained their peg at $1.00, highlighting their role as safe havens during crypto market turbulence. USDT's market cap stands at $183.50 billion, while USDC follows at $75.76 billion, both showing stability in price action.

WhiteBIT Coin Defies Market Trend

Interestingly, WhiteBIT Coin (WBT) emerged as the top performer, surging 3.62% in the past 24 hours and 26.37% over the week to $54.32.

Crypto Market Outlook

"Bitcoin is trading range-bound between $109,500 and $111,000, building momentum for the next leg of the rally. The crypto market is in a bullish environment with the US and China finalising a trade deal. Additionally, the Fed's $29.4 billion injection and record liquidity boost from China's PBOC are a turning point for global risk assets. Historically, such synchronised easing has led to major Bitcoin rallies, including the 2020-21 bull run during post-COVID monetary easing. For BTC, $111,200 remains the immediate resistance point with support at $107,600. " According to Edul Patel, CEO of Mudrex.

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