Cryptocurrency markets experienced a sharp sell-off over the weekend, with Bitcoin falling below $62,000 for the first time since mid-August. The decline marked a dramatic drop from the asset's local peak of $81,000 set on November 4.
Bitcoin's descent accelerated through the week. After trading near $76,000 following the initial November 4 decline, the asset fell below $75,000 on November 7. A Monday drop to $73,500 was followed by further weakness on Tuesday after hotter-than-expected US CPI data. By Friday, Bitcoin had lost the key $70,000 support level, and the decline continued through the weekend, culminating in Saturday's plunge to $62,000.
The selloff extended across altcoins. Ethereum fell to $1,800, down 6% over 24 hours. XRP dropped to $0.90, marking a 2-year low. Solana, Cardano, Polkadot, and other major altcoins posted losses ranging from 8% to 11.5%, with some assets declining as much as 15%.
The broader market bore the brunt of the decline. Total cryptocurrency market capitalization erased over $300 billion in value since Thursday, falling to below $2.2 trillion. Bitcoin's dominance over altcoins decreased by 1 percentage point to 59.3%, while its market cap fell to $1.3 trillion. As of the report's timestamp, Bitcoin remained well below $65,000 despite a modest rebound from its weekend low.
