On early Nov. 18, just hours after bitcoin ( BTC) plunged below $90,000 for the first time since April 22, the broader altcoin market was in red, with the total altcoin market capitalization briefly falling to $1.28 trillion.

Leading the decline was ethereum ( ETH), which briefly dipped to $2,944 before recovering to trade near $3,050. The digital asset’s 24-hour decline was in tandem with the broader crypto economy, which was down 4%. The latest drop brought ETH’s cumulative losses over a seven-day period just above 14%, slightly exceeding BTC’s loss percentage.

ETH and the broader altcoin market came under heavy pressure as bearish sentiment deepened, driven by mounting investor fears that the artificial intelligence (AI) boom may be nearing a bubble burst. The anxiety over AI’s sustainability spilled into crypto, amplifying risk‑off behavior and accelerating sell‑side momentum across major tokens.

Read more: The BTC Narrative Collapse: Why Bitcoin’s Price Drop Was ‘Inevitable’ Despite ETF Hype

These fears were amplified on Monday (Nov. 17) after Sundar Pichai, CEO of Alphabet (Google’s parent firm), was quoted in reports seemingly lending credence to the bubble narrative. Pichai, noting that the AI industry is likely in its own dotcom moment, appeared to concede that the AI industry may have overhyped the technology’s potential. However, in his remarks made to the BBC, Pichai maintained that the current investments will still have a profound effect in the years to come.

Other high-cap altcoins also saw steep losses, with several registering drops ranging between 1.4% and 5.4% in 24 hours. XRP briefly tumbled to $2.12 before settling just under $2.20, bringing its seven-day losses into double-digit figures. This drop pushed the asset to levels last seen in late June. BNB was down 1.7%, trading around $918. SOL was 3% lower at $137. Other notable declines included TRX (down 1.4%), DOGE (3.2%), and ADA (5.4%).

While the market bled, Zcash (ZEC), one of the few coins to trend against the market in recent weeks, suffered a sharp 13.8% decline, making it the only top 20 digital asset with double-digit losses in 24 hours.

However, despite this steep fall, ZEC was still up by 24% over seven days, making it one of only two digital assets to register weekly gains. The other standout was Hyperliquid (HYPE), which jumped 5.3% in 24 hours.

• What triggered the latest crypto downturn? Investor fears of an AI bubble burst spilled into global markets, sparking risk‑off sentiment.
• How did bitcoin and ethereum react? BTC fell below $90K, while ETH dipped under $3K before recovering slightly.
• Which altcoins saw the steepest losses worldwide? XRP, BNB, SOL, ADA, DOGE, and TRX all dropped, with ZEC plunging 13.8% in 24 hours.
• Were there any global standouts amid the sell‑off? Despite volatility, ZEC posted 24% weekly gains and HYPE rose 5.3% in 24 hours.

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