The global crypto market is looking weak again as the total market capitalization falls to $3.23 trillion, down 0.94%, showing a slow and shaky trend for the major coins. The mood in the market is very negative, with the Fear and Greed Index at just 18, indicating extreme fear, and the average crypto RSI near 41, showing that many coins are still trending towards oversold levels.
Even leaders like Bitcoin at $95,381 and Ethereum at $3,154 are struggling to find strong momentum, while most top assets are showing small daily moves and no clear signs of recovery.
Altcoins are struggling to remain stable as prices in the market continue to weaken. XRP is at $2.21, BNB at $933 and Solana near $139, but none of them are showing strong upside and last week’s gains are slowly fading.
Other popular coins such as Tron, Dogecoin, Cardano, Chainlink, Hyperliquid and Zcash are also under mild selling pressure, with very small daily price changes and no clear signs of strong buying interest.
BitMine Chairman Tom Lee says the latest weakness in the crypto market may be related to one or more major market makers facing a serious financial hole in their balance sheets. He said the current price drop looks like a situation where bigger players are trying to cause liquidations and deliberately push Bitcoin down.
He says this kind of pressure often occurs when big trading firms are in trouble, and can lead to sharp price moves that look worse than they actually are.
Lee also said this downturn is a short-term pain and doesn’t change the larger long-term growth plan for Ethereum and blockchain adoption by Wall Street. He warned that this is not a safe time to use leverage as the risk of forced liquidations is high. Despite the negative sentiment, he expects stability and recovery to return in six to eight weeks, likely sometime after Thanksgiving.
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