Crypto Prices Today: Bitcoin Price Slides to $112,798, Ethereum and Solana Lead 3% Market Drop

Overview:

• Bitcoin drops below $113,000, leading the wider market down, with the global crypto cap falling more than 1% to $3.9 trillion.

• Fed uncertainty hurts markets. Traders are holding back in anticipation of the Federal Reserve's next rate decision.

• Altcoin ETFs fuel sell-off. A ‘sell the news’ sentiment and heavy long liquidations added to short-term pressure across the crypto market.

Crypto prices experienced a pullback on Tuesday, October 28, as the total market capitalization fell by more than 1% to approximately $3.9 trillion in the late North American trading period. Most major cryptocurrencies traded in the red as investors prepared themselves for impending key economic releases from the United States. Let’s see why the crypto market is down today based on CoinMarketCap data. 

Top 10 Crypto Prices Today Indicate Bearish Trend

Bitcoin price was the focus of today's decline, dropping to a local low of around $112,412 before staging a moderate comeback. At press time, BTC trades at $112,798.12, down 1.06% in the last 24 hours. The largest cryptocurrency in the world holds its top spot with a market cap of $2.24 trillion and $64.8 billion in trading volume. With 19.94 million BTC in existence, Bitcoin continues to set the tone for the rest of the market.

Ethereum Price fell 2.12% to $4,016.08, with its market cap at $484.7 billion. ETH saw $37.9 billion in trading volume over its 120.69 million circulating supply.

Solana Price dropped more sharply, declining 3.52% to $194.63. SOL's market cap stands at $106.9 billion with $7.8 billion in day volume in 549.7 million tokens.

XRP Price held up better, declining only 0.52% to $2.61. The token has a $157.1 billion market cap with $5.6 billion in trading volume in 60.01 billion XRP in existence.

Stablecoins stayed constant, with Tether (USDT) costing $1 (+0.02%) and a market capitalization of $183.2 billion, and USD Coin (USDC) also costing $1.00 (+0.02%) with $76.2 billion market cap.

BNB dipped 2.85% to $1,109.73 with a $152.8 billion market cap. Dogecoin (DOGE) lost 3% to $0.1938, and it had a $29.3 billion market cap. TRON (TRX) fell 0.90% to $0.2965 with a $28 billion market cap. Cardano (ADA) completed the top 10 with a 3.49% drop to $0.6436 with a $23 billion market cap.

Also Read: XRP Price Stalls Despite Ripple’s $1 Billion Buyback: What’s Next?

Crypto News Affecting Markets Today

Here are the headlines impacting crypto prices today:

Federal Reserve Rate Decision Brings Uncertainty

The main reason for today's slump in the crypto market focuses on the October 29 Federal Reserve meeting. Market participants are exercising caution before the FOMC data announcement, with uncertainty surrounding the Fed rate decision creating ripples across digital asset markets.

Despite the short-term price action turmoil, most traders look forward to the return of bullish trends. Potential Fed rate cuts and the likely initiation of Quantitative Easing (QE) may inject new momentum in crypto prices today and in the months to come. Analysts attribute such activity to the continued capital rotation from gold to Bitcoin, which may be reinforced by hefty printing of cash by the Federal Reserve with some prognosticators predicting $1.5 trillion of liquidity injection in the near term.

Altcoin ETF Launch Causes ‘Sell the News’ Phenomenon

The broader cryptocurrency space experienced further pressure after the launch of spot altcoin ETFs, which were live while a US government shutdown continues. The altcoin ETF frenzy seems to be being priced in, with traders now looking towards QE and Fed rate cuts as the next big drivers.

Heavy Long Liquidations Cause Price Decline

Crypto prices today were also driven lower by massive liquidations of leveraged long positions. CoinGlass data show that of $567 million in total liquidations over the last 24 hours, over $409 million were from long traders who hedged against falling prices. This long squeeze imposed extra pressure on selling the market.

Also Read: Crypto Prices Today: Bitcoin Price at $113,930, ETH Down 2.49%, Solana Slips 1.06%, Altcoins in Green

Market Outlook

Even after today's pullback, the threat of additional crypto market losses has slowly diminished as investors prepare for high-impact US economic news. With cries of an altseason 2025 mounting and possible Fed policy changes on the horizon, a lot of investors are still positive about the medium-term path of digital assets. 

FAQs

1. Why did Bitcoin drop below $113,000 today?

Bitcoin's fall below $113,000 was largely spurred by investor nervousness prior to the Federal Reserve's next rate decision. Interest rate uncertainty instilled market-wide selling pressure, as it was coupled with long position unwinds. 

2. How much the crypto market fell today?

The overall cryptocurrency market capitalization declined by more than 1% to around $3.9 trillion. The majority of leading digital assets, such as Ethereum and Solana, traded lower in the late North American session.

3. What was the Federal Reserve's contribution to the crypto drop?

The expectation of the Federal Reserve's policy decision caused investor anxiety. The potential changes in interest rates or liquidity policies by the Federal Reserve have a considerable effect on risk assets such as cryptocurrencies.

4. Which cryptocurrencies outperformed despite the market downturn?

Stablecoins like Tether (USDT) and USD Coin (USDC) remained top of $1, offering low-risk havens despite volatility. XRP too remained relatively strong, falling slightly against other large coins.

5. Will crypto prices recover from this fall?

Most analysts still expect recovery over medium terms. With anticipated rate cuts, added liquidity, and rising institutional demand, Bitcoin and altcoins can resume their upward trajectory once market uncertainty declines.