3 Altcoins That Crashed After Bitcoin Plummeted to $86K

LOOKS lost 78% in November 2025 as NFT trading volume fell over 40%.

PERP dropped 65.87% amid declining liquidity and Total Value Locked in the protocol.

DEEP fell 48.82% as trading activity and orderbook usage across DEXs decreased significantly.

Recently, the price of Bitcoin plummeted to $86K. Following the loss, some altcoins saw sharp declines that left traders frustrated. The market’s attention shifted toward Bitcoin, reducing liquidity and activity in smaller tokens. Some projects faced declining interest despite strong fundamentals or innovative products. In this article, we explore three altcoins that crashed while Bitcoin soared, examining why their performance lagged and how market trends influenced their losses.

LooksRare (LOOKS)

Source: Trading View

LooksRare earned attention as a community-focused NFT marketplace. The platform rewarded users with a portion of revenue based on trading activity, giving it an edge over competitors like OpenSea in 2022. However, the NFT market cooled sharply after the initial boom, and LOOKS struggled to maintain momentum. In November 2025, the token lost a staggering 78% of its value.

This drop coincided with a 40% decline in NFT trading volume on the platform, showing that demand had weakened significantly. Total market capitalization fell far below previous highs, highlighting how dependent the token remained on user activity and NFT popularity. Traders who expected a rebound during Bitcoin’s rally found themselves facing heavy losses.

Perpetual Protocol (PERP)

Source: Trading View

Perpetual Protocol allows users to trade crypto assets with leverage through perpetual futures. The platform uses a specialized AMM model to ensure liquidity for derivatives contracts. Despite being a major DeFi player, PERP faced pressure from tightening global liquidity. In the past month, the token dropped 65.87%, reflecting declining confidence in the derivatives ecosystem.

Total Value Locked (TVL) also fell more than 30%, indicating reduced activity and funds in the protocol. Traders who relied on PERP’s liquidity found positions harder to manage during Bitcoin’s upward swing. Even solid technology and a strong user base could not offset the market-wide pullback in trading activity.

DeepBook Protocol (DEEP)

Source: Trading View

DeepBook Protocol provides institutional-grade liquidity for decentralized trading networks. The project aims to be the backbone for DEX aggregators and other DeFi applications. However, the broader bear market reduced spot and derivatives trading volumes, negatively affecting DEEP. In November 2025, the token fell 48.82%.

The drop coincided with a 20% decline in orderbook usage across several decentralized exchanges. Decreased trading activity and weaker demand slowed adoption, leaving the token vulnerable. Even though DeepBook offers valuable infrastructure, the market conditions prevented it from holding value.

Bitcoin’s surge to $86,000 showed the strength of major cryptocurrencies, but smaller tokens faced significant challenges. LOOKS, PERP, and DEEP all experienced steep declines despite strong projects and use cases. Market liquidity, trading volume, and overall investor interest directly influenced their losses. For traders, these tokens illustrate the risks of investing in altcoins during periods of Bitcoin dominance. Recovery may take time, and careful monitoring of market trends is essential.