The crypto economy ended the second week of November in the red, losing $280 billion and bringing total market capitalization to just under $3.3 trillion. The downturn extended a trend from the previous week, when bitcoin ( BTC) fell below the $100,000 threshold for the first time in months.

This broad decline has fueled concerns that the bull rally is over and the market may be entering a prolonged downtrend. Worries about a growing artificial intelligence (AI) bubble added further pressure, overshadowing positive developments such as the reopening of the U.S. government after its longest shutdown in history. BTC ultimately plunged to its lowest level in six months.

Read more: US Government Shutdown Hits Day 40 as Polymarket Traders Bet 60% on Mid-November or Later

As shown by Bitstamp data, BTC briefly dropped to $94,623 on Nov. 14 before rebounding above $95,000, with its market capitalization slipping below $2 trillion. Analysts caution that BTC could still fall further, with $89,000 seen as a potential cycle low. Arthur Azizov, founder of B2 Ventures, noted that BTC’s drop below $100,000 confirms a descending channel forming since mid‑October.

“I pay close attention to the $89,000–$94,000 zone as this is where liquidity is concentrated right now. If sellers keep putting pressure, the worst-case scenario is a return to the April 2025 $72,000–$74,000 band, where a real bullish impulse began and let BTC rise almost to $127,000, setting a new all-time high. I don’t treat it as a base case, but I keep it in mind,” Azizov said.

Altcoins also closed the week lower, with ethereum ( ETH) down nearly 6% after briefly dipping below $3,100, BNB down 5.4% at $942, and steeper losses for Solana ( SOL) (-9%), Cardano ( ADA) (-9.7%), and Chainlink (LINK) (-7%).

In contrast, a handful of assets, including privacy coins bucked the trend. Privacy coins Zcash (ZEC) and Monero ( XMR) rose 13% and 18% respectively, while World Liberty Financial gained 20% and Uniswap (UNI) surged 25% over the same period.

• How much value did crypto markets lose? The global crypto economy shed $280B, dropping to just under $3.3T.
• What happened to bitcoin? BTC fell to $94,623, slipping below $2T in market cap before rebounding above $95K.
• Which altcoins were hit hardest? ETH, BNB, SOL, ADA, and LINK all closed the week down between 5%–10%.
• Were there any gainers globally? Privacy coins ZEC and XMR rose double digits, while UNI surged 25% worldwide.

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