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.
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).
Check out some reactions below:
https://twitter.com/TheCryptoDog/status/1302311617724522501?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1302311617724522501%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fcrypto-market-loses-almost-usd-80bn-this-week-as-bitcoin-bri-7632.htm
Entire $crypto portfolio down ~20% from its recent high. Kind of sad but I am very convinced this is a marketwide correction. If it's a new bear it won't be a long one. Retail didn't even make it to this bull.
— notsofast (@notsofast) September 6, 2020
This is how a bull market looks like. U will see huge dumps up to 30 – 40%. pic.twitter.com/d9I3sgtosm
— The-Cryptic-One (@CryptoTroll10) September 5, 2020
https://twitter.com/ericturnr/status/1302368706438352896?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1302368706438352896%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fcrypto-market-loses-almost-usd-80bn-this-week-as-bitcoin-bri-7632.htm
https://twitter.com/KevinSvenson_/status/1302480585437384705?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1302480585437384705%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fcrypto-market-loses-almost-usd-80bn-this-week-as-bitcoin-bri-7632.htm
Good evening to everyone except sellers.
BTC and ETH are odds on favorites to be higher in a few months than now. Stop being pathetic.
— light (@lightcrypto) September 6, 2020
https://twitter.com/cryptowilson/status/1302369260803706881?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1302369260803706881%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fcrypto-market-loses-almost-usd-80bn-this-week-as-bitcoin-bri-7632.htm
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