November 21, 2019 was a brutal day for altcoin traders. While the Ethereum Foundation was preparing one of the network most significant upgrades, the market was busy tearing double-digit percentages off virtually every major alternative cryptocurrency — and there was little the promise of technological progress could do about it.
TL;DR
- Ethereum dropped 9.36% to $158.50 on November 21, with a 12.77% loss over seven days
- The Ethereum Foundation announced the Istanbul upgrade on November 20, targeting block 9,069,000
- Binance Coin suffered the steepest weekly decline among top altcoins, down 20% to $16.84
- Bitcoin Cash, EOS, Litecoin, and Stellar all posted 5 to 9% daily losses
- Kraken recorded $148 million in total trading volume as panic selling intensified
A Bloodbath Across the Board
The numbers from November 21 painted a grim picture. Ethereum, the world second-largest cryptocurrency by market capitalization, tumbled 9.36% to $158.50 on the day, extending its seven-day losses to nearly 13%. The decline pushed ETH market capitalization below $17.6 billion, a far cry from the optimism that had characterized earlier quarters of 2019.
Bitcoin Cash was hit even harder, shedding 8.04% to reach $223.70, while its weekly losses ballooned to 18.29%. EOS dropped 8.77% to $2.81, compounding a weekly decline of 17.18%. Litecoin fell 8.24% to $50.53, down 14.45% over the week. Stellar XLM lost 5.31% to $0.0605, with a weekly drop approaching 17%.
Even Binance Coin, which had been one of the year stronger performers, was not spared. BNB plunged 7.17% on the day and an alarming 20.07% over the week, settling at $16.84. Cardano ADA declined 5.72% to $0.0384, while Dogecoin — often seen as a sentiment bellwether — crashed 12.1% to $0.0023, one of the day worst performers among tracked assets.
Ethereum Istanbul Upgrade: Right Message, Wrong Timing
On November 20, the Ethereum Foundation officially announced the Istanbul network upgrade, scheduled for block 9,069,000 — estimated to occur around December 7, 2019. The upgrade included six Ethereum Improvement Proposals designed to enhance the network scalability, interoperability, and security. Among the notable changes were modifications to gas costs for certain operations and improvements to interoperability with privacy-focused layer-two solutions.
The announcement, however, was completely overshadowed by the market carnage. ETH traders were in no mood to price in future network improvements when spot prices were collapsing in real-time. The disconnect between Ethereum technical roadmap and its market performance was stark: while developers were building toward a more efficient blockchain, investors were heading for the exits.
Kraken $148 Million Day
Kraken daily market report for November 21 captured the scale of the selling. The exchange recorded $148 million in total trading volume across all markets, with Bitcoin dominating at $103 million and Ethereum accounting for $23.5 million. XRP saw $5.72 million in volume, while Bitcoin Cash traders moved $3.07 million. The figures suggested that while volume was elevated, it was not reaching the panic levels seen during more dramatic crashes — this was more of a slow, grinding bleed.
Tezos XTZ was a rare standout, posting a flat performance on the day at $1.20 with $1.96 million in volume, bucking the broader downtrend that affected nearly every other major altcoin.
Broader Context: The PlusToken Overhang
The selling pressure was not happening in a vacuum. Blockchain researchers had been tracking the PlusToken Ponzi scheme systematic liquidation of stolen Bitcoin through OTC brokers on Huobi. With an estimated 1,300 BTC being dumped daily and 58,000 BTC still awaiting liquidation, the constant sell-side pressure was creating a headwind that altcoins — with their thinner order books and higher sensitivity to Bitcoin moves — were particularly vulnerable to.
Bitcoin itself held up relatively better, declining 4.65% to $7,642 on the day, but the damage was amplified across the altcoin market. When BTC wobbles, altcoins fall harder — and when BTC is being actively suppressed by criminal liquidations, the effect on altcoins is devastating.
Why This Matters
The November 21, 2019 altcoin crash illustrates several enduring dynamics of cryptocurrency markets. First, technical upgrades and fundamental developments often have zero short-term impact on price — markets are driven by supply and demand, not by GitHub commits. Second, altcoins remain structurally vulnerable to Bitcoin-driven sell-offs, particularly when external selling pressure creates persistent downward momentum. Third, the event underscores the importance of understanding market microstructure: knowing that a major Ponzi scheme is actively dumping Bitcoin should inform risk management decisions, regardless of what the charts or fundamentals suggest. The Istanbul upgrade would eventually go live on December 8, 2019, but the altcoin market would need much longer to recover from the November carnage.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Historical market data should not be used as the sole basis for investment decisions. Always conduct your own research.
ETH at 158 with istanbul upgrade announced and bnb bleeding 20 percent weekly. 2019 was genuinely brutal, nobody believed upgrades mattered
bear_veteran_2019 istanbul gas optimization enabling defi summer 6 months later is the kind of thing nobody sees in real time. everyone was just counting losses
istanbul targeting block 9069000 for gas cost restructure and the market just said cool ETH still down 9 percent today
ETH down 12.77% in a week and BNB getting hit 20%. network upgrades dont mean squat when the entire market is in panic mode
istanbul was actually important for gas optimization. market just wasnt paying attention because everything was on fire
those were the days of $0.01 gas fees. miss that about the 2019 bear market. one small upside
gas_fee_crier $0.01 gas and we still complained. now we pay $3 and thank the L2s
istanbul made the gas optimizations that laid groundwork for the defi summer explosions. market just couldnt see past the red candles
Nate W. istanbul laying the groundwork for defi summer six months later is the kind of hindsight that sounds smart but nobody was buying during the dump
BNB at $16.84 down 20% and people still called it a utility token. the exchange token narrative was pure copium in 2019
Ilya K. upgrades never matter in real time. istanbul enabled the gas cost structure that made DeFi summer economically possible six months later
Kraken at $148M volume sounds tiny now. the market was genuinely thin back then. one big seller could move everything
$148M volume across the entire exchange. current daily volume on kraken probably does that before breakfast
BNB down 20% in a week and people wondered why exchange tokens died. the discount on trading fees doesnt help when nobody wants to trade
ETH at 158 down 9 percent on the day and BNB eating 20 percent weekly. istanbul upgrade announcement was completely drowned out by the sell off
ETH at 158 with a 12 percent weekly drop and kraken doing 148M total volume. that entire exchange now does more in an hour