Ethereum, XRP, and Solana experience outsized drawdowns amid macro pressures

Ethereum dropped by 5.5% to a $289 billion market cap, XRP fell by 5.1% to $82.4 billion, and Solana slipped by 3.8% to $60.6 billion over the past 24 hours, while Bitcoin slipped by 3.1%. The overall cryptocurrency market cap dropped by 2.5% to $2.8 trillion. Experts attribute this to macro pressures, including the consumer price index rising 3.7% in the year to September and expectations of an October interest rate hike, alongside a near 18-month high for the U.S. dollar. Nick Forster said this shift shows institutional participants rapidly reassessing macro risk exposure, and Luke Nolan noted that altcoins, as high beta assets, are typically more sensitive to tightening financial conditions.