Summary
- Total crypto market capitalization fell 5.3% to $2.49 trillion in 24 hours.
- Bitcoin dropped 1.6% to $74,480 while Ethereum fell 4.6% to $2,129.
- Janction surged 385% to $0.014 as the day's most searched token.
The global cryptocurrency market capitalization stood at $2.49 trillion as of November 8, down 5.29% over the previous 24 hours, according to CoinGecko data. Bitcoin, which holds 60.1% of total market share, traded at $74,479.65, a decline of 1.64%. Ethereum, the second-largest cryptocurrency by market cap, fell more sharply, losing 4.61% to trade at $2,128.52. Total trading volume across all cryptocurrencies reached $39.8 billion for the day.
The steepest losses among widely tracked tokens hit Hyperliquid, down 3.09% to $74.80, and Pudgy Penguins, down 4.35% to $0.0061. NEAR Protocol fell 3.35% to $3.54, while Zcash slipped 2.93% to $1,215.20. Among the day's top losers by percentage, Rain fell 10.13% to $0.005, MemeCore dropped 6.23% to $0.776, and Ethena declined 5.34% to $0.149. Uniswap rounded out the list of notable decliners, down 5.34% to $6.76.
Trending search data showed sharp divergence from the broader market slide. Janction, a token ranked 191st by market capitalization, spiked 385.27% to $0.013968, making it the single largest mover across all tracked assets. Dacity Coin also bucked the downturn, rising 14.97% to $0.0233. Those gains contrasted with steep losses elsewhere in the trending list, including STONK, which plunged 34.94% to $0.0452, and Kinetiq, down 15.90% to $0.391.
Pepe stood out among larger-cap tokens for posting a gain amid the rout, rising 2.73% to $0.00000497, according to the day's top-gainers list. Stablecoins and stablecoin-adjacent assets Figure Heloc, LEO Token, Falcon USD and Ethena USDe rounded out the gainers list with modest moves, reflecting limited risk appetite as traders moved toward lower-volatility holdings. Quant, ranked 34th by market cap, slipped a comparatively modest 0.98% to $194.08, while Pearl fell 3.25% to $1.70 and Quantus dropped 5.48% to $61.76.
The market reaction followed a volatile stretch that included a Bitcoin network fork distributing a token called ECX to holders, along with reports of a planned Binance France account closure affecting users starting December 31 and a leadership change in Binance's finance department. With 22,869 active cryptocurrencies tracked and total market capitalization down more than 5% in a single session, the data point to a market-wide risk-off move rather than an event isolated to any single asset, even as individual tokens such as Janction posted outsized gains against the broader trend.