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Bitcoin, Ethereum, XRP, Solana, BNB, Dogecoin, Shiba Inu, and more are facing major price swings today
The global cryptocurrency market is facing fresh losses at the beginning of the week. Many major cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, BNB, Dogecoin, and Shiba Inu are trading lower. The market is reacting to large liquidations of traded positions and uncertainty in the global economy. Traders are cautious after a weak performance in October and an unstable start to November.
Why the Market is Falling
More than $1 billion worth of long positions, which are bets expecting prices to go up, were liquidated recently. When these positions are forcefully closed, it adds selling pressure and pushes prices even lower. This type of event creates panic and increases volatility in the market.
Another reason behind the market fall is uncertainty about interest rate decisions by the United States Federal Reserve. Investors are not sure if interest rates will be cut soon. Higher interest rates usually hurt risky assets like cryptocurrencies.
Bitcoin: Losing Momentum
Bitcoin has dropped to around $106,964 and is trading below a major long-term technical support line. This is a sign that its upward momentum is weakening. Analysts believe that if Bitcoin falls further, it may test the next support near $94,200. However, if it manages to recover and move back up, it could regain strength.
Short-term price swings in Bitcoin are also being caused by high liquidations. When large positions are closed suddenly, prices drop faster before stabilizing.
Ethereum: Following Bitcoin’s Trend
Ethereum is currently priced at $3,640.69. It has also been affected by the same liquidations that hit Bitcoin. Ethereum often mirrors Bitcoin's movement during such market conditions. Even though Ethereum has strong long-term use cases, its short-term price is being driven mainly by overall market mood and trading pressure.
XRP: Losing Ground After Recent Gains
XRP is trading at $2.35 after dropping by nearly 6 percent. This fall wiped out around $1.5 billion in its market value. XRP had seen some positive movement earlier, but the broader market decline has affected it badly. If prices continue to fall, traders are watching the $2.00 level as an important support zone.
Solana: Volatile After ETF Launch
Solana is priced at around $166.02. After the launch of spot Solana exchange-traded funds (ETFs) in the United States, Solana saw a jump in demand but also big price swings. Its price dropped from around $205 to the mid-160s. Even though there are strong inflows into Solana-based ETFs, traders are uncertain due to market volatility.
BNB: Feeling Market Heat
BNB is trading at $994.86. It has fallen along with other top cryptocurrencies. There are no major individual updates for BNB, but it usually reacts strongly during market-wide sell-offs. Sudden drops and thin trading volumes during liquidations make its price more unstable.
Dogecoin and Shiba Inu: Memecoins Under Pressure
Dogecoin is priced at $0.1707, and Shiba Inu is at $0.00000928. Both of these are popular memecoins, and they often suffer the most when the market mood turns negative. Traders tend to sell riskier assets like memecoins first in times of panic. Shiba Inu has also seen a rise in token burning, but it has not been enough to support its price.
Cardano and Avalanche: Mid-Cap Coins Also Drop
Cardano is trading at $0.5604, while Avalanche is at $16.93. These mid-cap cryptocurrencies are also affected by the market-wide sell-off. They are experiencing heavy selling pressure, especially where leveraged trading is involved. These coins usually show higher volatility than Bitcoin and Ethereum.
Factors That Could Affect Prices in November
Global interest rate decisions and economic reports will play a big role in how cryptocurrency prices move in November. If central banks signal lower interest rates soon, it could help the crypto market recover. On the other hand, if interest rates remain high, prices may fall further.
Another factor is the flow of money into cryptocurrency exchange-traded funds (ETFs). For example, Bitcoin, Ethereum, and Solana ETFs are drawing investor interest. These inflows could help support prices, but they are not strong enough to stop sudden drops caused by liquidations and panic selling.
Important Levels to Watch
For Bitcoin, the price range between $98,000 and $100,000 is important. If Bitcoin falls below this range, it might drop toward the mid-90,000 levels. For Ethereum, the key support lies between $3,500 and $3,600. XRP needs to stay above $2.00, while Solana needs to stay above $160–$165 to avoid further decline.
Final Thoughts
The cryptocurrency market is going through a difficult phase, with most major coins trading lower due to large liquidations and global economic uncertainty. Bitcoin, Ethereum, XRP, Solana, BNB, Dogecoin, and Shiba Inu are all showing weakness. Traders are carefully watching support levels and upcoming economic news. The next few weeks will be important in deciding whether the market stabilizes or continues to fall.