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:

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