It is reported that on Thursday, the total market value of cryptocurrencies fell by over $120 billion to $2.57 trillion.
Within the past 24 hours, Bitcoin ( BTC ), Ethereum ( ETH ), XRP , and Solana ( SOL ) led the decline in a broader wave of cryptocurrency sell-offs.
The report also stated that although selling pressure intensified again on Thursday, a rebound is still expected in the short term.
With Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) experiencing sharp declines on November 5, 2026, the total market value of cryptocurrencies plummeted by over $120 billion in a short period of time.
As of press time, the total market value of cryptocurrencies has dropped to $2.57 trillion, lower than the $2.69 trillion on Wednesday. According to data cited by Coinpedia from CoinMarketCap, the total market value of the entire cryptocurrency market has fallen by approximately 4.46%.
This round of rapid decline was mainly driven by large-scale selling of top-tier crypto assets. At the time of publication, Bitcoin, ETH, XRP, and SOL fell by 4.46%, 6.68%, 4.45%, and 5.9% respectively.
Why is the crypto market down today?
Reports indicate that against the backdrop of a broader bear market in artificial intelligence ( AI ) stocks, geopolitical tensions have escalated once again, putting the cryptocurrency market under even greater selling pressure.
Within the past 24 hours, the Nasdaq 100 index ( NDX ) – which tracks the stocks of the 100 largest non-financial companies listed on the Nasdaq securities market – fell to its lowest level in 196 days.
Therefore, the report suggests that, under the influence of broader macroeconomic headwinds, the cryptocurrency market has faced greater selling pressure.
More importantly, the crypto market also experienced a "long squeeze," where falling prices forced long positions to be sold, thereby further accelerating the downward trend. According to CoinGlass data, in the past 24 hours, the total settlement amount in the cryptocurrency derivatives market was approximately $1.06 billion, of which $934.73 million came from long positions.
What will happen to cryptocurrencies next?
Reports indicate that despite the broader sell-off in the cryptocurrency market driven by concerns about the bursting of a potential AI bubble, the market may still see a bull run before the end of this year.
Cryptography analyst Ali Martinez believes that the recent decline marks a 'suspicion' phase within the bull market cycle, and therefore may indicate a rebound in the short term.
