The Cryptocurrency Market on 15 November 2025: Bitcoin Drops Below $100,000, Ethereum Prepares for an Upgrade, Altcoins Decline. A Review of the Top 10 Cryptocurrencies and Market Trend Analysis.
As of the morning of 15 November 2025, the cryptocurrency market is under pressure following a significant correction over recent days. The price of Bitcoin has fallen below the psychological level of $100,000 for the first time in six months, marking a low not seen since May and reducing the total market capitalisation of digital assets to approximately $3.4 trillion. Major altcoins led by Ethereum have also seen price declines, with many from the top 10 slipping from recent highs. Investors are exercising caution amid heightened macroeconomic risks and signals from the US Federal Reserve regarding possible delays in interest rate cuts. Nonetheless, institutional interest in cryptocurrencies remains robust due to the emergence of new investment products and the gradual improvement of the regulatory environment.
Bitcoin: Loss of the Key $100,000 Level
Bitcoin (BTC), the largest cryptocurrency, reached a new historical high of approximately $125,000 at the beginning of October, after which it entered an anticipated correction. This week saw a sharp acceleration in the decline: BTC has dipped below the psychologically significant level of $100,000 for the first time since May, recording a low around $95,000. As a result, Bitcoin has retreated nearly 24% from its peak, and the current week could mark its third consecutive week of losses.
The pressure on BTC has intensified due to a global flight of investors from riskier assets. Signals from the US Federal Reserve regarding their reluctance to rush into rate cuts have dampened market optimism. The probability of a policy easing by the Fed in December has dropped from approximately 90% to 50%, depriving Bitcoin of one of its growth drivers. However, long-term holders of BTC remain confident: many large investors are using the dips to increase their positions, viewing Bitcoin as digital gold and a hedge against inflation.
Ethereum: Decline Ahead of Network Upgrade
The second-largest cryptocurrency by market capitalisation, Ethereum (ETH), has also felt market pressure. After a robust rise in the first half of 2025, Ether experienced a significant correction: in early November, ETH's price fell nearly 20%, briefly dropping below $3,100 — its lowest level in recent months. Subsequently, prices rebounded to around $3,200, yet this remains below the October peak of approximately $3,900 and around 20% lower than the historical high set in 2021 ($4,867). Ethereum's current market capitalisation stands at around $450 billion (approximately 13% of the market volume).
Factors influencing Ethereum include both technological developments and macroeconomic conditions. On one hand, investors are eagerly anticipating important events: a major network upgrade aimed at improving scalability and reducing fees is scheduled for early December. Additionally, the industry is hoping for the approval of the first spot ETF for Ethereum in the USA by the end of the year, which could attract new institutional capital. These expectations previously supported Ethereum’s growth. However, in the short term, a negative backdrop has taken precedence: increased economic uncertainty has prompted capital outflows from Ethereum funds (more than $1.4 billion has been withdrawn from Ether-ETFs since the end of October), and some long-term holders have begun to realise profits by selling ETH, which has further exerted pressure on the price. Nevertheless, the underlying metrics of the network remain strong, and the community believes that the upcoming upgrade will strengthen Ethereum's position in the decentralised finance (DeFi) and application markets.
Altcoin Market: A Broad Correction
The majority of major altcoins have followed Bitcoin downward. For instance, Ripple (XRP), which recently reached $3 following Ripple's victory over the SEC, has retraced to approximately $2.4, although it maintains strong positions due to expectations surrounding ETF launches and clarity regarding the token's status in the USA. Binance Coin (BNB), despite facing legal challenges surrounding the exchange, remains in the top five — it recently surged to around $900 owing to its widespread application within exchange and DeFi services.
Significant corrections have been seen in Solana (SOL) and Cardano (ADA) after their autumn rallies: SOL's price has retreated from approximately $200 to around $150, whilst ADA has dropped from around $1 to approximately $0.5. Nonetheless, these projects remain among the top ten, as investors believe in their long-term potential. Additionally, the meme cryptocurrency Dogecoin (DOGE) and the Tron platform (TRX) continue to hold top-ten positions, supported by their loyal communities and the active use of the Tron network for stablecoins, respectively.
Market Sentiment and Volatility
The sharp price fluctuations in recent days have reflected on sentiment indicators. The "fear and greed" index, which was recently in the "greed" zone, has dropped to neutral levels — signalling a cooling of euphoria among market participants. Volatility has led to mass liquidations of margin positions: over the past day, more than $500 million worth of trades have been forcibly closed on cryptocurrency exchanges, with the majority being long positions set by traders betting on growth. Experts emphasise that such a correction following a period of exuberance is a healthy occurrence; however, they caution investors to exercise caution and avoid excessive leverage.
Institutional Interest Remains High
In 2025, institutional investors have significantly increased their presence in the cryptocurrency market. Although some funds have realised profits in recent weeks, major players are not exiting the market — cryptocurrencies continue to be regarded as a promising asset class. The submission of applications for new crypto ETFs (including those for XRP, Solana, and others) confirms the intention of institutions to expand their participation in the sector. The influx of professional capital remains one of the key drivers of the cryptocurrency market.
Regulation: The USA and Europe
In the USA, a softening stance from authorities towards the crypto industry is anticipated. Congress is advancing legislative initiatives aimed at clarifying the rules for exchanges and token issuers, while the new SEC leadership demonstrates a more lenient approach: the regulator has withdrawn lawsuits against several major crypto exchanges and stated that only a small portion of tokens fall under securities laws. The Trump administration has signalled a compromise by pardoning Binance founder Changpeng Zhao (CZ). These steps are creating a favourable regulatory landscape for the US market, promising clear rules and investor protection for businesses.
In Europe, the Markets in Crypto-Assets (MiCA) regulation will come into force at the end of the year, establishing unified requirements for the industry across all EU countries. The document encompasses the activities of exchanges, wallet providers, and stablecoin issuance. Several large cryptocurrency companies have already obtained licenses under the new rules, thereby creating predictable operating conditions and balancing innovation with safety. EU regulators continue to engage with the industry and assess potential risks — for instance, additional restrictions for global stablecoins are being discussed, although the measures in MiCA currently appear sufficient to manage the situation.
Top 10 Most Popular Cryptocurrencies
- Bitcoin (BTC) — ~$95,000 (≈55% of the market). The first and largest cryptocurrency — a primary indicator of the entire market. Despite the recent decline, BTC retains its status as "digital gold" for investors, supporting long-term demand.
- Ethereum (ETH) — ~$3,200 (≈12% of the market). The leading smart contract platform and the second largest digital asset by capitalisation. The transition to Proof-of-Stake and deflationary issuance have bolstered Ethereum's position, while the anticipated network upgrade and potential ETF launch sustain investor interest in ETH, despite recent fluctuations.
- Tether (USDT) — ~$1.00. The largest stablecoin, pegged to the dollar at a 1:1 ratio. USDT provides high liquidity in the market, serving as a "safe haven" for capital during volatility. Its capitalisation is around $160 billion; the stablecoin consistently maintains parity with the dollar due to full reserve backing.
- Binance Coin (BNB) — ~$900. The token of the largest cryptocurrency exchange, Binance, and the primary asset of the BNB Chain. It is used for fee payments and access to new projects. Despite regulatory pressures, BNB remains in the top five thanks to its wide application and community support.
- USD Coin (USDC) — ~$1.00. The second largest stablecoin (issued by a consortium led by Circle). Fully backed by dollar reserves, it is regarded as one of the most reliable digital assets. Approximately $75 billion USDC are in circulation.
- XRP (Ripple) — ~$2.3. The token of the Ripple network for fast cross-border payments. In 2025, XRP first exceeded $3 in seven years following Ripple’s victory over the SEC and expectations of an ETF launch. After the correction, it trades around $2.4, remaining among the largest assets. XRP attracts banks due to the efficiency of Ripple’s technology and clarity regarding the token’s legal status.
- Solana (SOL) — ~$150. A high-performance layer-one blockchain known for its fast transactions and low fees. SOL has significantly risen in 2025 due to the expansion of its ecosystem (DeFi, NFT) and expectations regarding the launch of an ETF on Solana. Despite the retracement, Solana remains close to its highs of recent years.
- Cardano (ADA) — ~$0.50. A blockchain platform with a Proof-of-Stake algorithm and a scientific approach to development. Although ADA's price is far from record levels, the coin remains in the top ten due to its large capitalisation and active community. Interest in ADA has risen following plans for an ETF launch; after a spike and a retracement, investors maintain optimism about the project's long-term prospects.
- Dogecoin (DOGE) — ~$0.16. The most well-known meme cryptocurrency created as a joke. DOGE remains among the leaders due to its dedicated community and periodic celebrity attention.
- TRON (TRX) — ~$0.30. The token of the Tron platform, aimed at decentralised online services and multimedia. Tron attracts users with low fees and high network throughput. TRX has established itself in the top ten by virtue of the active use of the Tron network for stablecoins.
Thus, by mid-November, the cryptocurrency market is taking a pause after a rapid rally — investors are reassessing risks and prospects. The outcomes of regulatory decisions and upcoming events (such as the Ethereum upgrade) will largely determine the sector’s dynamics by the end of the year.
