The cryptocurrency market experienced a broad downturn on November 17, as major digital assets slipped in value despite positive macro-level developments. Investor sentiment turned cautious following BlackRock’s official filing for a spot Ethereum ETF with the SEC—an event that, while bullish in theory, triggered a wave of profit-taking across the market. As a result, Bitcoin, Ethereum, and several altcoins posted losses, while a few select cryptos defied the trend with strong upward momentum.
This market correction highlights the volatile nature of digital assets, where news-driven optimism can quickly give way to technical sell-offs. Below is a detailed breakdown of today’s price movements, standout performers, and key market indicators.
Market-Wide Pullback Amid ETF News
On November 16, BlackRock submitted its long-anticipated application for a spot Ethereum ETF, a move widely seen as a major step toward institutional adoption. However, instead of rallying, the crypto market entered a correction phase. Analysts suggest that traders had already priced in the news, leading to profit realization and short-term bearish pressure.
Bitcoin (BTC), the market leader, dropped 2.66% to $36,422.03**, with 24-hour trading volume declining by **9.21%** to **$25.59 billion. Despite this dip, BTC remains up over 29% in the past 30 days, underscoring its long-term strength.
Ethereum (ETH) saw a sharper decline, falling 3.36% to $1,984.11**, even as its trading volume increased by **12.06%** to **$14.39 billion—a sign of heightened market activity amid volatility.
Other major cryptocurrencies also retreated:
- BNB slipped 3.18% to $244.22, with volume up slightly.
- XRP declined 4.80% to $0.6206, while volume surged 21.19%.
- Solana (SOL) plummeted 10.48% to $58.62**, despite stable trading volume near **$4 billion.
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Meme Coins Show Mixed Performance
Meme coins continued to draw trader interest, but with divergent outcomes.
Dogecoin (DOGE) stood out as a bright spot, rising 6.48% to $0.08161**, with trading volume exploding **224.27%** to **$1.73 billion—indicating strong retail participation and potential breakout momentum.
In contrast, Shiba Inu (SHIB) fell 1.61% to $0.000008615, even as its volume grew by 67.44%. This suggests traders are active but leaning toward profit-taking or rotation into other assets.
Meanwhile, Pepe Coin (PEPE) plunged 6.79% to $0.000001174**, with volume dropping **10%** to **$134.53 million. The sharp decline reflects waning short-term momentum in the meme coin sector amid broader risk-off sentiment.
Notable Gainers Defy Bearish Trend
While most of the market moved south, several altcoins posted impressive gains, signaling pockets of strength and active capital rotation.
yearn.finance (YFI) Surges 9%
yearn.finance emerged as one of the top performers, climbing 9.01% to $13,960.93**. Trading volume surged **48.96%** to **$379.43 million, reflecting renewed investor confidence in decentralized finance (DeFi) protocols.
YFI’s rally may be attributed to growing optimism around yield optimization platforms and increased protocol usage on Ethereum’s network—especially as staking and yield farming regain traction post-ETF news.
Kaspa (KAS) Soars Over 11%
Kaspa continued its impressive run, jumping 11.07% to $0.1308**, with volume rising **74.26%** to **$276.97 million. Over the past 30 days, KAS has gained nearly 190%, making it one of the best-performing layer-one blockchains.
Its unique blockDAG architecture and fast finality are attracting developers and users seeking scalable, low-latency alternatives to traditional blockchains.
Mantle (MNT) Jumps 10.78%
Mantle also defied the downtrend, rising 10.78% to $0.5092**, with trading volume spiking **79.27%** to **$135.40 million. The project has gained attention for its modular blockchain design and strong ecosystem incentives.
With a 30-day gain of nearly 55%, Mantle is positioning itself as a key player in the Ethereum Layer 2 scaling space.
Market Overview: Cap Down, Volume Up
As of the latest data:
- The global cryptocurrency market cap fell 2.48% to $1.39 trillion.
- Total market trading volume increased 3.25% to $71.17 billion, indicating high liquidity despite price declines.
- The Fear & Greed Index stood at 71, reflecting “greed” sentiment—suggesting many investors remain optimistic despite short-term volatility.
This combination—falling prices amid rising volume and high greed—often signals a healthy correction rather than a full-blown bear market.
Frequently Asked Questions (FAQ)
Why did crypto prices drop after BlackRock filed for an Ethereum ETF?
While ETF filings are generally bullish, markets often react to expectations rather than events themselves. Many investors had already bought ETH in anticipation of the news, leading to profit-taking once the filing was confirmed.
Is Bitcoin’s 29% gain over 30 days sustainable?
Historical trends show that BTC often experiences sharp rallies followed by corrections. A 29% gain is significant but not unusual during bullish cycles, especially with growing institutional interest.
Why is YFI rallying while other DeFi tokens are down?
YFI’s surge may be driven by platform-specific developments, such as increased deposits, yield opportunities, or governance updates. Its strong brand and loyal user base also help it outperform during volatile periods.
What’s driving Kaspa’s 190% surge?
Kaspa’s growth stems from its innovative blockDAG technology, which enables faster transaction processing than traditional blockchains. Growing developer activity and exchange listings have also boosted visibility.
Should I buy during a market-wide selloff?
Dips can present strategic entry points, especially for strong fundamentals-driven projects. However, proper risk management and research are essential before investing.
How reliable is the Fear & Greed Index?
The index aggregates market data like volatility, volume, surveys, and social trends. While not predictive, it offers useful insight into prevailing sentiment and potential reversal zones.
Key Takeaways
Today’s market action underscores the importance of diversification and timing in crypto investing. While BTC and ETH corrected post-ETF news, altcoins like YFI, KAS, and MNT demonstrated resilience and growth potential.
Investors should monitor:
- Volume trends as confirmation of price moves.
- On-chain activity for signs of accumulation.
- Macro developments like ETF approvals and regulatory updates.
Core Keywords
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The digital asset landscape remains dynamic and opportunity-rich—even during downturns. By focusing on fundamentals, sentiment, and emerging trends, traders can navigate volatility and position themselves for long-term success.