Summary
- Total crypto market capitalization fell 6.1% to $2.33 trillion in 24 hours.
- Bitcoin dropped 3.9% to $68,126, while Bitcoin dominance held near 58.9%.
- Injective jumped 9.3% to $8.09, among the day's few notable gainers.
The global cryptocurrency market capitalization fell 6.1% over the past 24 hours to $2.33 trillion, with trading volume reaching $96.5 billion, according to CoinGecko data. Bitcoin declined 3.9% to $68,126, slipping below the $70,000 mark amid a broader pullback that also hit traditional equities. Ethereum fell 3.96% to $1,926, and Solana dropped 4.08% to $77.90, extending losses across the largest tokens by market capitalization. Bitcoin's dominance of the total crypto market stood at 58.88%, while Ethereum's share held at 10.12%.
The downturn followed a muted reaction to a cooler-than-expected US Producer Price Index reading for October, which failed to lift risk sentiment as stocks also slipped. The data had been seen as a potential catalyst for gains, but instead coincided with broad-based losses across digital assets, suggesting investors remained cautious despite the softer inflation signal.
Among trending searches, Injective stood out as a rare gainer, rising 9.27% to $8.09, while Pearl climbed 8.54% to $1.52 and Backpack added 5.69% to reach $0.88. The most dramatic move came from Akedo, a lower-ranked token, which surged 330% to $0.0115, though its small market footprint makes such swings less representative of broader market direction. Most other trending names, including Bitcoin, Ethereum, Solana and Hyperliquid, posted losses ranging from roughly 1% to 4%.
Uniswap led decliners among more established tokens, falling 4.92% to $5.76, followed by Gram, formerly Toncoin, down 4.79% to $1.09. Solana's 4.15% decline placed it among the day's biggest losers by percentage, alongside Ethena, which dropped 3.9% to $0.1345. Ethereum also appeared among the top losers, down 3.76% to $1,932 on a separate reading.
On the gaining side, Figure Heloc rose 4.02% to $1.04, and Bittensor added 2.5% to reach $215.59. NEAR Protocol gained 1.18% to $3.46, while LEO Token rose 1.32% to $9.30, offering modest counterpoints to the day's broader losses.
The sell-off occurred alongside developments elsewhere in the industry, including regulatory clearance for a crypto trust charter and a Japanese company reporting a loss tied to Bitcoin sales and rising borrowing costs. Trading volume of $96.5 billion across more than 22,000 active cryptocurrencies indicated elevated activity accompanying the price declines, as the market absorbed losses across nearly all major tokens without a clear single catalyst driving the broader retreat.