Ethereum leads $230B crypto crash as Altcoin Season Index plunges to 23: Fear grips markets

Key Takeaways

How a lot have the crypto markets misplaced and how briskly?

The full market capitalization of cryptocurrencies has fallen from $3.55 trillion to $3.32 trillion previously 24 hours.

What does an Altcoin Season Index of 23 imply?

A price of 23 signifies ‘Bitcoin Season’, which means altcoins are severely underperforming Bitcoin. That is the bottom stage since March 2025.

The cryptocurrency market was brutally worn out value $230 billion on November 4, wiping out the positive aspects of the earlier 24 hours.

Ethereum led the decline as altcoins crashed tougher than Bitcoin, sending key sentiment indicators into panic and confirming the tip of any remaining altcoin momentum.

$230 billion disappears inside hours

The markets began the day at $3.55 trillion, and as of this writing the full market cap had collapsed to $3.32 trillion. This was a 6.5% decline that accelerated all through the buying and selling day.

Supply: CoinMarketCap

The map exhibits a pointy cliff dive with none important assist.

Bitcoin fell 5.3% to round $100,900, breaking under the psychological stage of $101,000 for the primary time in months.

Nevertheless, Ethereum crashed tougher, triggering a devastating sell-off among the many main altcoins, displaying simply how fragile the current rally had develop into.

Ethereum Leads the Altcoin Bloodbath

Ethereum crashed 12.15% to $3,166, dramatically underperforming Bitcoin’s 5.3% decline. The second-largest cryptocurrency suffered its worst one-day drop in months, falling from round $3,600 to a check stage of $3,000.

Technical evaluation reveals a brutal collapse of market construction. The LuxAlgo Market Construction Indicator exhibits that Ethereum has breached a essential “Break of Construction” (BOS) stage round $3,600, triggering a cascade of promoting that accelerated in direction of the shut.

Supply: TradingView

The principle assist is now round $3,000-$3,100. A break under this zone would doubtless set off one other transfer in direction of USD 2,800. Resistance reformed at $3,400-$3,600, with any restoration met by sturdy underwater provide.

The Altcoin season ends

Whereas Bitcoin remained comparatively resilient across the six-figure mark, Ethereum and the broader altcoin market bled considerably tougher.

The distinction grew to become crystal clear within the Altcoin Season Index, which plummeted to 23, the bottom determine since March 2025.

Supply: CoinMarketCap

The index measures the efficiency of altcoins in opposition to Bitcoin. Values ​​under 25 point out ‘Bitcoin Season’, which suggests capital is popping away from altcoins to Bitcoin or fleeing crypto utterly.

At 23, present numbers present altcoins being completely crushed.

The altcoin market cap has collapsed from round $1.8 trillion in September to round $1.4 trillion immediately, representing a drop of $400 billion in simply two months. The 90-day chart exhibits a brutal downtrend with no indicators of reversal.

Concern takes over

The Crypto Concern and Greed Index crashed to 27, firmly within the ‘Concern’ territory. Just some weeks in the past, the index was buying and selling within the 60s and 80s, indicating greed and excessive greed. The fast shift in sentiment from optimism to panic occurred in lower than a month.

Buying and selling quantity reached $247 billion, indicating greater ranges that point out energetic promoting somewhat than passive holding.

When quantity rises throughout a decline, it often alerts capitulation or compelled liquidation somewhat than wholesome profit-taking.

What this implies for merchants

The Altcoin Season Index at 23 signifies that the altcoin season is over. Till the index recovers above 50, betting on the outperformance of altcoins stays extraordinarily dangerous.

With concern gripping the markets, sentiment must be considerably restored earlier than capital returns to speculative belongings. In the intervening time, Ethereum and altcoins stay beneath heavy strain, with no clear backside in sight.