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Crypto Market Loses Almost USD 80bn This Week As Bitcoin Briefly Dips Below USD 10k

By Linas Kmieliauskas
Crypto Market Loses Almost USD 80bn This Week As Bitcoin Briefly Dips Below USD 10k 101
Source: Adobe/Engdao

The sell-off in the crypto market has continued this weekend with bitcoin (BTC) briefly dipping below USD 10,000 on Saturday.

Since Wednesday, the total market capitalization dropped by almost 20%, to USD 318bn today.

Crypto Market Loses Almost USD 80bn This Week As Bitcoin Briefly Dips Below USD 10k 102
Source: coinpaprika.com

At pixel time (06:48 UTC), BTC trades at USD 10,113, somewhat recovering from USD 9,951 reached on Saturday evening (UTC time). The price is down by almost 4% in a day and 13% in a week, increasing monthly losses to 14.5%.

However, BTC recorded the smallest drop among the top 60 coins today, except bitcoin (SV) (unchanged in a day), and LEO (-2%). As a result, BTC dominance, or the percentage of the total market capitalization, increased to 58.8%, or the level last seen in the first half of August.

Meanwhile, ethereum (ETH), which recently rallied on the back of the DeFi frenzy, is down by 16% to USD 325, while other coins from the top 10 dropped by 4%-17%.

As usual this week, DeFi tokens crashed the most, with some top projects diving by more than 40% (UMA).

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