Bitcoin and Ether Struggle to Rise as Market Faces Correction Risk

The cryptocurrency market is under pressure as traders feel the heat with Bitcoin (BTC) struggling to recover, along with Ethereum (ETH). With more than $1 trillion lost in value over the past six weeks, there have been concerns of a broader correction. Weakness in tech valuations, coupled with uncertainty over U.S. interest rate policies, has triggered broad-based selling across speculative assets.

Bitcoin slipped to $89,000 earlier today to indicate a 43-day correction, similar in duration to the drawdown in April 2025, though that lasted nearly twice as long. The top cryptocurrency currently trades at $91,591.91 with a 24-hour volume of $74.33 billion, according to CoinMarketCap. 

Ethereum is also under pressure, trading just above $3,000. As of writing, the cryptocurrency was trading at $3,085.78 rising 1% in the past day, down 23% monthly. 

Altcoins on the other hand are having mixed performance during these volatile conditions. XRP stands at $2.14, BNB at $923.12, and Solana at $138.96, with all three up a small amount today but still down 5–13% on the week. The total cryptocurrency market capitalization stands at $3.1 trillion, with 24-hour trading volume around $163 billion.

Bitcoin-led market dynamics

CoinMarketCap data further shows Bitcoin still rules the crypto market, making up 58.3%, while Ethereum holds 11.8%, and all other coins share 30%. The current market drop is mostly driven by Bitcoin, but altcoins are starting to steady. Investor sentiment remains very cautious, with the Fear and Greed Index at 16, showing deep fear in the market.

Moreover, the Altcoin Season Index sits at 29, showing altcoins are trailing while Bitcoin grabs the most market attention. ETF activity is mixed: recent weeks saw outflows, but November 18 brought $4447 million outflows in crypto ETFs, hinting at lower institutional interest due to ongoing market swings.

Perpetual Futures markets show heavy trading, with $788.57 billion and 4.35 billion in open interest. Bitcoin’s implied volatility is 53.17, Ethereum’s 78.25, signaling high market risk. As analyst Bull Theory noted in his thread on X, Bitcoin’s movements mostly drive altcoin declines, but signs suggest altcoins may start stabilizing soon. 

Altcoins hold strength amid bitcoin sell-off

Analyst Bull Theory offered more insights on unusual altcoin behavior during this correction. He explained, “BTC breaking below $90,000 for the first time in ~7 months should have destroyed altcoins. But this time, alts are not collapsing with $BTC.” 

According to the analyst’s thread, structured institutional selling drove the initial BTC drop, followed by panic selling from retail traders. However, altcoins had already reached sellers’ exhaustion, which prevented broader collapse.

BTC breaking below $90,000 for the first time in ~7 months should have destroyed altcoins.

But this time, alts are not collapsing with $BTC.

This isn’t random.
There are clear reasons why alts are holding better, and the data supports it.

Let’s break it down.

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