The cryptocurrency market has been in a freefall all November, erasing nearly all of the gains from earlier in the season. As of today, the total market cap has come down from $4Tn in October to around $3.09Tn, a loss of almost $1Tn in just one month. But why did crypto crash? Lets find out.

The slide of SOON, Pump.fun PUMP15 $0.003092 11.51% Pump.fun PUMP15 Price $0.003092 11.51% /24h Volume in 24h $219.86M Price 7d , and Starknet STRK $0.1874 7.41% Starknet STRK Price $0.1874 7.41% /24h Volume in 24h $488.31M Price 7d is an extension of the broader crypto market crash and its effect on mid-cap altcoins: early hype, followed by profit-taking, token unlocks, and, ultimately, sector fatigue.

SOON crypto, for instance, is currently trading at $1.27, down by 33% on the 24-hour chart and 44% on the weekly chart. On 15 November, SOON surged by 167% in an hour, reaching $5.4 and an FDV of $26.39 Bn, then halved. This volatility led to $5.55 million in short liquidations.

PUMP has been on a decline as well. Currently trading at , it is down by 36% on the weekly charts and 13% on the 24-hour chart.

In the last two weeks, whales have rotated into PUMP, buying tokens to raise its price in anticipation of its 2 billion token unlock. What followed was a massive selloff that even $175 M in buybacks failed to stave off.

Why Did STRK Crypto Crash 12%?

With the broader crypto market crashing, altcoins like STRK face added bearish pressure due to token unlocks. On 15 November, STRK unlocked 5% of its total circulating supply as part of its monthly cliff unlock schedule, ongoing for over a year.

At the same time, early investors and contributors, locked since the 2024 airdrop, have been offloading to realize gains, causing its price action to plummet.

As of right now, STRK is trading at , down by 10% in the last 24 hours, but still up by 4% on the weekly chart.

On the whole, however, November has been a good month for STRK. Several narratives contributed to its price action surging from the lows of $0.1 to breaching $0.225 on 16 November. It upgraded its mainnet earlier this month, along with growing interest in BTCFi and new incentives that pushed the token toward key resistance areas.

Additionally, new features like BTC staking and Solana bridging made STRK look more promising.

Macro Reasons As To Why Crypto Is Crashing

Since October, the crypto landscape has been under mounting selling pressure because of a mix of macroeconomic factors extending to investor behaviour and sector-specific issues. Inflation in the US, for instance, came in hotter than expected, therefore making it unlikely that the FED will cut interest rates soon, spooking investors into pulling out their funds.

At the same time, BTC and ETH ETFs saw massive outflows as long-term holders started rotating into other assets.

Meanwhile, global tensions have kept crypto on shaky ground. Trade threats between the U.S. and China sparked panic selling and damaged trust.

The downturn of major cryptocurrencies such as BTC and ETH has negatively affected the market, with only some coins gaining as investors parked their funds for short-term gains or for safekeeping.