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Zcash (ZEC) Dumps Below $1K, Bitcoin (BTC) Struggles at $74K After CPI Reading: Market Watch

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The higher-than-expected CPI numbers for October resulted in another major leg down for bitcoin yesterday, with the asset plunging below $73,000, thus charting a near-three-month low.

The altcoins shed tons of value once again, and ZEC leads the pack. The privacy token has tanked the most over the past 24 hours, dropping below $1,000 for the first time since early September.

BTC Keeps Struggling

It was just a week ago when the markets rebounded from the midterm election shock, in which the Democrats won decisively on numerous fronts. Bitcoin had dropped from $78,000 to $75,600 before it skyrocketed to $81,000 as the uncertainty seemingly vanished.

However, that rally was short-lived, and the bears were back in control less than 24 hours later. The so-called Thursday crash drove Wall Street and crypto south hard, with BTC plummeting from almost $81,000 to $75,200. It dipped further on Friday to $74,800 before it recovered some ground during the weekend and remained close to $76,000.

Monday began with another nosedive, taking BTC to $73,600. All eyes turned to the US CPI on Tuesday, with bitcoin remaining close to $74,000 ahead of the announcement. Once the MoM data came out higher than expected, bitcoin crashed further to under $73,000 for the first time since mid-August.

Although it has rebounded by a grand since then, it still struggles below $74K. Its market cap is well below $1.5 trillion on CMC, but its dominance over the alts has increased slightly to 60.5%.

BTCUSD November 11. Source: TradingView
BTCUSD November 11. Source: TradingView

ZEC Leads the Pack

Zcash is the poorest performer over the past 24 hours. The privacy coin has tanked by 13% and sits below $1,000 as of now. Its main rival, on the other hand, is up by 5.6%. As a result, XMR sits above $575. BTW is the other big gainer today, surging by 10% to $1.08. AVAX has added another 4% of value and trades close to $8.7.

In contrast, most other larger-cap alts are in the red. ETH has defended the $2,000 support, but it’s still 1.6% down on the day to $2.055. BNB is down to $680, while XRP has tanked to $1.06. SOL, DOGE, HYPE, UNI, QNT, and RAIN have posted losses as well.

The total crypto market cap has declined by another $40 billion in a day, and it’s down to $2.450 trillion on CMC.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

 

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