The cryptocurrency market ended October down 10%, with total capitalization falling to $2.7 trillion. A sell-off triggered by the Binance hack pushed bitcoin to nearly two-month lows, though the coin was already struggling before the breach.
The cryptocurrency market ended October down 10% from its opening market capitalization of $3 trillion. The decline was unusual given October's reputation as a strong month for cryptocurrencies, including bitcoin.
Bitcoin was already sliding before the hack
According to seven-day data from Coingecko, bitcoin ended the final week of the month down 3.3%. That pushed its year-to-date losses to 11% and effectively reversed an upward trend that began in August.
A sell-off triggered by the Binance hack took bitcoin to nearly two-month lows. Yet the coin was struggling beforehand: it dropped over 7% after failing to clear the $87,000 resistance level in the first week of the month.
As reported by Bitcoin.com News, this was bitcoin's weakest October since 2014 and its first back-to-back October loss since 2011–2012. The result sparked concerns over its November outlook.
Ether, Solana and Cardano fall further
Ether, the second-largest cryptocurrency by market capitalization, suffered even steeper losses. After briefly surpassing $2,700, it began a steady decline and fell to $2,300 by Oct. 29.
The Binance sell-off pushed ether below $2,190 before a relief rally lifted it back above $2,200. Ether ended the week down nearly 4%, extending its 30-day losses to more than 15%.
Solana and Cardano fell 7% and 6.6%, respectively, over the week. A handful of tokens bucked the trend, however: Hyperliquid's HYPE, which came close to surpassing its all-time high on Oct. 29, ended the week up 13.6%.
Losses across bitcoin and numerous large-cap altcoins dragged total market capitalization from $2.8 trillion on Oct. 25 to $2.7 trillion by Nov. 1.
Source: Bitcoin News
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