🚨 BTC falls 4.34% below $78,000! HYPE rises against the trend by 10.73%, while ENA crashes down by 17.82%

On October 30, the cryptocurrency market faced significant selling pressure, with Bitcoin (BTC) dropping below $78,000. Ethereum (ETH), XRP, SOL, and other mainstream assets also fell in tandem, leading to overall weak market performance.

However, not all coins in the market are in decline. TRON (TRX) rose by 8.56% against the trend, while Hyperliquid (HYPE) increased by 10.73%, becoming the leader among the top 100 cryptocurrencies by market capitalization. On the other hand, Ethena (ENA) plummeted by 17.82%, and Worldcoin (WLD) also decreased by 13.98%, becoming noteworthy weak assets in this market cycle.

While mainstream coins collectively pulled back, some individual coins surged against the trend. Is this merely short-term capital rotation or a further release of market risk? Moving forward, it is crucial to monitor BTC's price performance as well as the strength shifts among different sectors.

1. BTC breaks below $78,000, market selling pressure significantly increases

According to the provided CoinMarketCap data, as of 9 AM KST on October 30, BTC was priced at $77,702.41, down 4.34% in the last 24 hours.

Compared to its previous performance above $80,000, this decline shows a significant expansion in the drop, indicating that the short-term market is under considerable downward pressure. However, a single day's drop is not enough to confirm that the market has entered a longer-term downtrend.

Currently, three areas need attention.

First, whether BTC can regain its position above $78,000. If the price can quickly recover this level and gradually stabilize, the short-term selling pressure may alleviate; however, if the rebound is weak, vigilance is required for continued price dips seeking support.

Second, whether the trading volume continues to increase. If trading volume significantly rises during the downtrend, it indicates heightened market trading activity, but further assessment with spot, derivatives, and capital flow data is needed to determine the specific sources of the sell-off.

Third, whether mainstream coins can stop falling. Significant drops in ETH, XRP, and SOL suggest that the pressure is not solely concentrated on BTC. If mainstream coins continue to weaken in unison, market sentiment may face further pressure.

Therefore, the most important aspect right now is not to rush to predict when BTC will rebound, but to observe whether the decline is gradually slowing and whether a stable price structure can be re-established.

2. Mainstream coins generally decline, risk appetite notably under pressure

From the performance of major cryptocurrencies, this round of correction has affected multiple mainstream assets, with relatively significant declines.

ETH dropped by 4.89%, slightly more than BTC; XRP fell by 6.79%, SOL by 6.91%, and DOGE also dropped by 5.89%. AVAX saw a drop of 8.06%, showing even weaker performance.

This data set reflects that the current correction has affected multiple mainstream assets, not just BTC experiencing price adjustments.

When multiple assets decline simultaneously, traders need to be particularly cautious of the risks brought about by market interconnectedness. Even if certain coins experience short-term rebounds, this does not mean that the overall selling pressure has disappeared.

3. TRX rises 8.56% against the trend, becoming an outlier among mainstream coins

In the context of widespread declines in mainstream coins, TRX's performance stands out notably.

According to the provided data, TRX rose by 8.56%, priced at $0.3573, in sharp contrast to the downward trend of BTC, ETH, and other major assets.

However, the specific reasons for TRX's rise against the trend cannot be directly determined based solely on price data. To assess whether this rise has sustainability, further observation of trading volume, related market news, and subsequent price structure is necessary.

For traders, assets that rise against the trend often attract more attention, but it's essential to avoid equating a single day's strength with a trend reversal.

If TRX can maintain a relatively stable price structure after its rise and trading volume remains active, its strong performance will be worth monitoring. Conversely, if the price quickly retraces, the risk of chasing highs in the short term may also increase.

4. HYPE rises 10.73%, ENA crashes down by 17.82%: Altcoin differentiation intensifies

In this market cycle, the differences in gains and losses among the top 100 cryptocurrencies have further widened.

Hyperliquid (HYPE) rose 10.73%, becoming one of the largest gainers; whereas Ethena (ENA) fell 17.82%, becoming the largest loser. Meanwhile, WLD dropped by 13.98%, also showing weak performance.

This sharp differentiation indicates that even with the overall market under pressure, the short-term performance of different tokens can vary greatly.

The rise of HYPE is noteworthy, but it’s important to note that a single-day increase does not directly confirm that sustained buying has emerged, nor can it be judged that prices will continue to rise thereafter. Future trading volume, price retracement magnitude, and overall market sentiment can all influence its performance.

In contrast, the significant decline of ENA and WLD indicates that these two assets faced more substantial price pressures during the statistical period. However, based solely on percentages, the specific reasons cannot be confirmed, nor can it be simply assumed that they will continue to decline.

In such a market, traders need to avoid two common misconceptions:

First, jumping to chase highs when seeing assets rise against the trend, overlooking the retracement risks after rapid surges.

Second, rushing to bottom fish when noticing significant downturns, neglecting the possibility that prices may continue to weaken.

In a market with considerable fluctuations, waiting for clearer price structures and combining assessments with trading volume and risk-reward ratios is generally more meaningful than solely chasing price movements.

5. QUAI and ALEO continue to decline, weak assets still need caution

Other altcoins also continued their downward trend.

Quai Network (QUAI) fell by 4.26%, priced at $0.007167; Aleo (ALEO) dropped by 5.62%, priced at $0.02901.

Both assets’ declines exceeded 4%, indicating that this round of corrections is not limited to the largest cryptocurrencies by market capitalization.

However, it is essential to emphasize that a price drop does not inherently explain any changes in the project's fundamentals. To determine future trends, it is also necessary to consider project news, trading activity, and price performance over a more extended period.

In a generally weak market, traders should pay more attention to risk control rather than assuming that assets have become cheap or that there is guaranteed rebound potential simply because their prices have dropped.

6. How to view the market ahead? Focus on whether BTC can stop falling, and whether market differentiation continues

In summary of the market performance on October 30, three noteworthy changes can be observed.

First, BTC dropped 4.34%, breaking below $78,000, indicating significantly increased short-term price pressure.

Second, ETH, XRP, SOL, DOGE, and AVAX all declined in unison, suggesting that the market correction involves multiple major assets, leading to overall weak sentiment temporarily.

Finally, while TRX and HYPE rose against the trend, ENA and WLD fell sharply, showing a clear differentiation in strength within the market.

Moving forward, whether BTC can regain its position above $78,000 will be an essential observation point for assessing short-term trends. If prices can stabilize and the declines in mainstream coins gradually converge, the market may see a phase of recovery; if BTC continues to weaken while more mainstream assets refresh their short-term low points, it will be essential to remain cautious of continued downward pressure.

At the same time, whether TRX and HYPE can maintain relative strength is also worth continued observation. However, in the absence of more capital flow and trading volume data, it is temporarily inadvisable to interpret the reverse rises of individual coins as a overall market reversal.

Conclusion

On October 30, the cryptocurrency market faced a notable correction. BTC fell by 4.34%, breaking below $78,000; mainstream coins such as ETH, XRP, SOL, and AVAX also experienced declines, leading to increased short-term pressure on the market.

On the other hand, TRX rose by 8.56%, and HYPE increased by 10.73%, standing out in a weak market; ENA plummeted by 17.82%, and WLD fell by 13.98%, highlighting the intense differentiation among altcoins.

The most crucial factor now is to observe whether BTC can halt its decline and whether mainstream coins can gradually stabilize. During a period of significant market fluctuations, controlling positions and avoiding blind bottom fishing and chasing highs are more important than hastily making trend reversal judgments.

This article is based on the provided market data for informational reference only and does not constitute investment advice. Cryptocurrency prices are highly volatile; please make decisions with caution.

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