Crypto Markets See Sharp Drop-Off on the Day, Bitcoin Dips Below $6,300


Wednesday, Oct. 10: Crypto markets have suffered a sharp decline within an hour, with Bitcoin (BTC) plunging below the $6,300 threshold, and the top altcoin Ethereum (ETH) nearly touching $200.

According to CoinMarketCap, virtually all the top 100 cryptocurrencies by market cap have suffered major declines at press time, with 19 out of the 20 top coins by market cap seeing significant losses over the past 24 hours.

Market visualization from Coin360

After surging above $6,600 on Oct. 8, Bitcoin dipped below $6,300 today. The major cryptocurrency has dropped to as low as $6,284 before slightly recovering to $6,315 at press time. Bitcoin is down 4.65 percent over the 24 hour period, with 3.36 percent losses over the past 7 days. Bitcoin is barely holding its monthly gains, according to Cointelegraph Bitcoin Price Index.

Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum has suffered worse losses, down 9.67 percent over the past 24 hours. The  second cryptocurrency by market cap has suffered a significant decline, almost touching the  $200 price point after trading around $225 for most the day. Still, the recent sharp losses have not overpowered Ethereum’s monthly gains, the major altcoin is still up around 12 percent over the past 30 days.

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP), the third top cryptocurrency by market cap, is seeing even worse losses over the 24 hour period, down over 11.41 percent at press time. Ripple is now trading at $0.42, seeing a dramatic drop-off within the same time span as Ethereum. XRP is down almost 20 percent on the week.

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Total market capitalization declined from $214 billion to $205 billion in just half an hour. At press time, total market cap amounts to $204.8 billion.

Total market capitalization 24-hours


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