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

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).

Reactions:

I’ve said this a few times the past couple days.

— Kevin Svenson (@KevinSvenson_)

Good evening to everyone except sellers.

— light (@LightCrypto)

This is how a bull market looks like. U will see huge dumps up to 30 – 40%. pic.twitter.com/d9I3sgtosm

— Buttcoin (@CryptoTroll10) September 5, 2020

Markets bleak, exit scams, fear everywhere.

— The Crypto Dog📈 (@TheCryptoDog)

Feeling down about DeFi? Things look a lot better over a 30-day period

— Eric Turner (@ericturnr)

Entire $crypto portfolio down ~20% from its recent high. Kind of sad but I am very convinced this is a marketwide c… https://t.co/TQWXjSXpBt

— notsofast (@notsofast)

$BTC ideally, with the current condition, we should hear all over CT the bulls screaming BUY BUY BUY now at the bes… https://t.co/YxZrvKCkPS

— Wilson (@cryptowilson)

Source: cryptonews.com