With Cristiano Ronaldo still serving a suspension for pushing the referee in the Clasico at Camp Nou earlier this month and Sergio Ramos also banned, Los Blancos were without key men at both ends of the pitch.
Raphael Varane had been expected to make it, but ultimately missed out through injury and with Jesus Vallejo still sidelined as well, coach Zinedine Zidane was forced to pick Casemiro in central defence.
The former Mallorca midfielder was all over the pitch as he helped out in defence, his first-half heat map showing he had spent a lot of his time in the right-back role as Valencia caused problems for the home side.
Madrid, meanwhile, created enough chances to have won more than one game, but Isco, Gareth Bale and particularly Karim Benzema were wasteful in front of goal, firing high, wide and anywhere but on target as Real scored only two of 22 attempts.
Asensio proved on Sunday night that he is indeed one of those and while both Bale and Benzema failed to shine and were whistled by the fans, the younger man delivered in spectacular style to show he looks like the best possible Ronaldo Replacement right now - and perhaps even a worthy successor to the Portuguese in future.
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