The global cryptocurrency market faced another major rout this week as Bitcoin (BTC) briefly dropped below the $99,000 mark before recovering slightly above $101,000. Ethereum (ETH) also tumbled over 10% to around $3,000 before edging back to $3,200.
According to data, the overall crypto market has lost more than $1 trillion since October 6, marking one of the steepest monthly declines in recent memory. Most major tokens fell between 2–10% in the past 24 hours, while a newly launched Sui-based token MMT defied the trend, skyrocketing nearly 1,900% since its debut.
Data revealed $1.73 billion in crypto positions were liquidated, including $1.32 billion in longs and $406 million in shorts. Bitcoin and Ethereum led the wipeout, with $444 million and $486 million liquidated respectively. Over 436,000 traders were liquidated globally, the largest being a $26 million ETH-USD position on Hyperliquid.
Market analysts believe the traditional four-year crypto cycle no longer applies, noting that investors are increasingly redirecting capital toward equities and the booming AI sector. Despite the continued expansion of stablecoin supply, experts suggest a sustainable recovery will depend on fresh inflows into spot ETFs and Digital Asset Trust (DAT) products, not just on Bitcoin’s next halving event.
| Rank | Cryptocurrency | Price (USD) | 24h Change | Market Cap (Approx.) |
| 1 | Bitcoin (BTC) | $101,200 | -4.8% | $1.98 Trillion |
| 2 | Ethereum (ETH) | $3,200 | -7.1% | $385 Billion |
| 3 | Tether (USDT) | $1.00 | +0.01% | $115 Billion |
| 4 | BNB (BNB) | $580 | -3.4% | $85 Billion |
| 5 | Solana (SOL) | $172 | -6.9% | $78 Billion |
Analysts warn that if market sentiment remains weak, Bitcoin could test lower support levels near $95,000. However, long-term investors remain optimistic, citing growing institutional adoption and the potential impact of upcoming ETF approvals.
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