Crypto Market Crash: Why Bitcoin and Altcoins Are Sliding Today
Summary
Quick market snapshot
The crypto market plunged on Nov. 12, with Bitcoin briefly trading below $103,000 and the majority of tokens in the red. Most altcoins fell by more than 5% in the last 24 hours; some projects experienced much steeper declines — Starknet (STRK) dropped around 16%, while Zcash, Internet Computer, Pump, and Filecoin plunged over 13%. This sell-off touched both large-caps and mid-cap tokens, widening breadth weakness across the board.
Where the biggest losses landed
Starknet’s sharp decline led the list of losers, reflecting concentrated selling pressure tied to on-chain events and token unlock schedules. Major privacy and infrastructure names such as Zcash and Internet Computer were also hit, showing that both niche and foundational projects felt the volatility. Market structure — including tight liquidity and elevated leverage — amplified price moves, turning relatively small outflows into cascading drops.
Why prices fell: macro and market mechanics
Several forces converged to push prices lower. First, macroeconomic uncertainty and risk-off flows drove capital away from risk assets, including crypto. Second, elevated leverage and crowded long positions triggered forced liquidations on futures platforms, accelerating the downward momentum. Third, token-specific catalysts — such as large holder sales, upcoming unlocks, or negative protocol news — magnified losses for individual projects.
On-chain signals and protocol triggers
On-chain metrics showed rising exchange inflows and a spike in short-term realized volatility, pointing to increased selling intent. Some protocols experienced sudden outflows from staking or smart-contract wallets, while others faced negative sentiment after developer or governance announcements. Traders monitoring blockchain indicators and DeFi flows likely saw early warning signs before the broad unwind.
What traders and holders should watch next
Watch funding rates, exchange inflows, and large wallet movements — these typically presage further volatility. Keep an eye on support bands around recent lows for Bitcoin and major altcoins, and monitor token-specific events (airdrop schedules, unlocks, governance votes). Risk management matters: reduce leverage, set clear stop levels, and consider using derivatives to hedge if exposures are large.
Bottom line
The Nov. 12 crash combined macro pressure, leveraged positioning, and idiosyncratic token events to produce a swift market downturn. Short-term volatility may persist, but the sell-off also creates selective buying opportunities for those with disciplined risk plans. For traders using platforms like Bitlet.app, this environment underscores the importance of active risk controls and monitoring of on-chain signals. Stay alert to funding and flow metrics — they’ve been decisive in recent moves.