The cryptocurrency market began October with a bearish trend, causing significant losses across the board. Bitcoin experienced a weekly drop of 5.30%, while Ethereum witnessed a steeper decline of 9.03%.
Currently, Bitcoin is trading at approximately $62,000, and Ethereum around $2,400. These declines have significantly impacted the market cap of these leading cryptocurrencies.
Moreover, the altcoin market, excluding major players like Bitcoin and Ethereum, has also faced severe losses, resulting in a reduction of total market capitalization below critical support levels, exacerbating the situation.
