Crypto Market Loses $360 Billion in October as SOL, ETH Lead Losses
Rizwan Ansari
Rizwan is an experienced Crypto journalist with almost half a decade of experience covering everything related to the growing crypto industry — from price analysis to blockchain disruption. During this period, he’s authored more than 3,000 news articles for Coinpedia News.
October 2023:
The total crypto market capitalization dropped dramatically in October, losing approximately $360 billion and shrinking from $2.94 trillion to $2.58 trillion. This represents a 12.2% decrease.
Key Takeaways:
- Bitcoin's Slide: Bitcoin, the largest cryptocurrency, experienced a 11.37% drop, ending October at around $77,300. This is Bitcoin's second consecutive losing October for the first time since 2011-2012.
- Solana and Ethereum Lead Losses: Solana plummeted by a staggering 25.81%, while Ethereum dropped 21.71%. XRP also suffered a significant loss of 16.96%.
The market downturn was exacerbated by heavy liquidations and weaker Bitcoin ETF inflows toward the end of the month.