Crypto Weekly: Binance Hack Deepens Crypto Rout as Market Cap Falls to $2.7T - Bitcoin News

The cryptocurrency market ended October down 10%, with its total capitalization falling from $3 trillion to $2.7 trillion amid widespread losses. Bitcoin declined 3.3% in the final week, extending its year-to-date losses to 11%, while ethereum fell more than 15% over 30 days.

Pre-Hack Weakness

The cryptocurrency economy shed tens of billions of dollars in the final week of October, ending the month down 10% from its opening market capitalization. Bitcoin, which came close to reclaiming its year-opening price on Oct. 6, ended the final week down 3.3%, pushing its year-to-date losses to 11%.

Prior to the Binance hack, bitcoin had already dropped over 7% after failing to clear the $87,000 resistance level in the first week of October. This marked bitcoin's weakest October performance since 2014 and its first back-to-back October loss since 2011–2012, sparking concerns about its November outlook.

October was equally challenging for altcoins, with ether (ETH) suffering even steeper losses. After briefly surpassing $2,700, ETH began a steady decline, falling to $2,300 by Oct. 29. The sell-off following the Binance hack pushed ETH below $2,190 before a relief rally lifted it back above $2,200.

Market Performance

Other major altcoins, including solana (SOL) and cardano (ADA), suffered steep weekly declines, falling 7% and 6.6%, respectively. Many other altcoins recorded seven-day losses ranging from 3% to 4%. Despite the broader downturn, a handful of altcoins managed to post weekly gains.

Hyperliquid's HYPE token ended the week up 13.6%, while zcash (ZEC) gained 0.6%. LEO, QNT and UNI also posted gains of 4.6%, 2.5% and 2.3%, respectively. However, losses across bitcoin and numerous large-cap altcoins weighed heavily on the broader market.

The cryptocurrency economy's total market capitalization declined from $2.8 trillion on Oct. 25 to $2.7 trillion by Nov. 1, as the Binance hack deepened the ongoing crypto rout.