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Crypto Markets Lose $40B in Days as Bitcoin Price Slides to $27K (Market Watch)

source-logo  cryptopotato.com 11 October 2023 09:35, UTC

After a few days of resisting the market-wide price drops, bitcoin has also joined the pack with a 2% drop that drove it to $27,000.

The altcoins are once again in the red, which has harmed the total market cap – the metric is down by over $40 billion within 2-3 days.

BTC Slumps to $27K

The primary cryptocurrency was rejected at $28,000 last Thursday, which pushed it south to $27,200 almost immediately on Friday. However, the bulls stepped on the gas pedal on Saturday and initiated another leg up that pushed BTC to over $28,000.

Nevertheless, this attempt didn’t see a lot of success and bitcoin retraced to just under $28,000 where it spent the weekend. Monday started with a similar lack of volatility, but the cryptocurrency started losing ground later that day.

It bounced off yesterday to around $27,500. However, the past 24 hours have not been kind to the asset and bitcoin fell to a 10-day low of $27,000.

It currently sits at around that level as well, and its market cap has slumped to under $530 billion. Its dominance over the alts, though, is still high at over 50% on CMC.

Alts Buried in Red

The alternative coins have not enjoyed the past few days, with red dominating almost all charts. Ethereum traded close to $1,700 earlier this week but is now down to $1,550 after another 2% daily decline.

Binance Coin is close to breaking below $200 following a more modest 1.5% daily drop. Ripple’s native cryptocurrency has plummeted below $0.5 as it has lost more than 3% of value within the past 24 hours.

Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also well in the red from the larger-cap alts.

More losses come from the likes of Avalanche and Cosmos. Both are down by over 5% to $9.3 and $6.6, respectively.

The total crypto market cap has seen $40 billion gone since the start of the business week and is down to $1.050 trillion on CMC.