As Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) capitulated on November 5, 2026, the crypto market capitalization flash-crashed by more than $120 billion.

The crypto market cap fell to $2.57 trillion at the time of reporting, down from $2.69 trillion on Wednesday. As a result, the total cryptocurrency market cap declined by roughly 4.46%, according to data Coinpedia analyzed from CoinMarketCap.

Crypto market cap change on November 5. Source: CoinMarketCap

The free-fall was driven by a significant selloff in top crypto assets. At the time of writing, Bitcoin, ETH, XRP, and SOL had shed 4.46%, 6.68%, 4.45%, and 5.9%, respectively.

Top 7 crypto assets by market cap on Thursday. Source: CoinMarketCap

Why is the Crypto Market Down Today?