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Rate hikes, a record-breaking exchange hack, and billions fleeing ETFs hit crypto all at once in October, but a few coins had buyers who ignored the panic entirely.
The Crypto Desk desk. Editor: Sam Daodu.
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In October 2026, the total value of the cryptocurrency market dropped by approximately $360 billion, bringing its worth to around $2.63 trillion. Bitcoin (CRYPTO:BTC) traded at $77,632, 38.43% below its record high of $126,080.
Among the 10 largest cryptocurrencies, excluding stablecoins tied to the dollar, only one ended the month with a higher daily closing price than it started with. Dogecoin (CRYPTO:DOGE), unfortunately, was the worst performer, losing 19.7%. Rate pressure, fund outflows, and a major exchange hack hit the market at once, and the coins that held up had buyers for their own reasons, independent of the broader selloff.
Rate Hikes, ETF Exits and a $6.3 Billion Hack Drained October
Much of the pressure came from outside crypto. TheFederal Reserve raised its benchmark rateto between 3.75% and 4.00% in September, and reports suggested the Fed could skip an October hike but raise rates again in December. Higher rates make savings more attractive, so investors pulled money from cryptocurrencies that pay no interest. Brent crude oil also topped $111 a barrel on October 22, adding to inflation concerns.
Investors also pulled money out of exchange-traded funds (ETFs). A net outflow means an ETF sold assets to return cash to departing investors. Bitcoin ETFs saw a net outflow of $515 million in October, while Ethereum (CRYPTO:ETH) ETFs lost an even larger $1.6 billion.
The market’s biggest shock hit at the end of the month, when Binance, the largest crypto exchange, reporteda hackwith a total impact of about $6.3 billion. Binance froze about $3 billion, promised to cover losses from its SAFU reserve, and paused deposits and withdrawals for security checks.
Monero Shines While Dogecoin Sinks in October’s Rankings
Monero (CRYPTO:XMR) emerged as the top performer, while Hyperliquid (CRYPTO:HYPE) and TRON (CRYPTO:TRX) stayed close to flat. BNB (CRYPTO:BNB), tied to Binance, also stayed close to Bitcoin despite the hack. Zcash (CRYPTO:ZEC), XRP (CRYPTO:XRP), and Solana (CRYPTO:SOL) fell much harder. The returns below run September 30 to October 30; Monero’s is a 30-day figure, since its closing price rose from $545 to $587.
| Rank | Coin | October Return | Price | 24-Hour Change | What Drove It |
|---|---|---|---|---|---|
| 1 | Monero | +9.94% (30-day) | $595 | +0.15% | Increased demand for privacy after a regulatory change |
| 2 | Hyperliquid | -1.2% | $88 | -2.4% | ICE’s plan for a U.S. futures market on Hyperliquid |
| 3 | TRON | -2.6% | $0.3065 | -7.88% | Stable range throughout the month followed by a selloff |
| 4 | Bitcoin | -7.6% | $77,632 | +0.95% | ETF outflows and the Fed’s potential rate hikes |
| 5 | BNB | -8.5% | $707 | +1.17% | Impact of the Binance hack in the month’s final days |
| 6 | Zcash | -11.8% | $1,284 | +5.05% | Governance issues over developer funding |
| 7 | XRP | -15.8% | $1.25 | +1.28% | Altcoins sold off as investors grew cautious |
| 8 | Ethereum | -16.5% | $2,255 | +0.98% | Significant ETF outflows |
| 9 | Solana | -18.5% | $96 | +2.1% | Speculative trading pulled back from riskier coins |
| 10 | Dogecoin | -19.7% | $0.0759 | +1.07% | Meme coins often drop first in a cooling speculative market |
Most of the top 10 coins bounced on October 31, with Zcash rising 5.05% amid ongoing governance disputes over its developer fund. TRON moved the other way, dropping 7.88% after the October 30 close; on live prices, it trades down 9.15% since September 30, which could push it behind Bitcoin and BNB once October closes.
Hyperliquid earns daily fees, which it uses to buy back and burn its tokens, exceeding $1.3 billion as of September. The Intercontinental Exchange (NYSE:ICE | ICE Price Prediction), which owns the New York Stock Exchange, announced on October 29 that it’s partnering with Trade.xyz on a U.S. futures market built on Hyperliquid, still pending regulatory approval.
Why Bitcoin Outperformed Ethereum, Solana, and Dogecoin
Bitcoin’s 7.6% October loss looks mild next to Ethereum’s 16.5% drop, Solana’s 18.5% fall, and Dogecoin’s 19.7% plunge. Altcoins, every coin other than Bitcoin, tend to move more sharply because their buyers are more speculative and less money trades them. Bitcoin holds 59.23% of the total crypto market.
Ethereum faced heavier selling. Its ETFs lost $1.6 billion in October—more than the $515 million that left Bitcoin funds, even though Ethereum’s market cap is smaller. Ethereum trades 54.41% below its all-time high.
Zcash is trading above its 20-day moving average of $1,215, but below its 50-day average of $1,310, indicating a short-term recovery within an overall downtrend.
TRON’s moving averages, each around $0.33, stand well above its price. The coin trades below its lowest October close of $0.327, reached just two days after a 90-day high near $0.352.
Can Monero Hold Its October Gains Into November?
It seems likely, but Monero’s future truly depends on ongoing demand. As a privacy coin, Monero obscures the sender, receiver, and amount of each transaction. Early in October, theFinancial Crimes Enforcement Network backed away from a proposalfor stricter regulations on crypto-mixing, which helped calm fears that exchanges would stop supporting privacy coins.
That decision explains much of Monero’s October. Its buyers come for privacy, and Washington gave them a fresh reason the same month ETF money left larger coins. Several exchanges had already delisted Monero, so even modest demand can push the price up a lot with fewer coins left to trade.
Monero trades 25.4% below its all-time high of $798, set January 14, 2026, and ranks 13th by market value.
Monero’s most important test will be its September 30 close near $545. If it closes that mark below in November, it would erase all of October’s gains, suggesting the rally was short-lived. If it closes above its October 21 high of about $621, it would show buyers still willing to pay more even as excitement from the FinCEN news fades.
Contact [email protected] for any questions or corrections.
Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.’s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn’t reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
Source: 247wallst.com