Crypto Market Loses Up to $571B in Ten Days as Bitcoin Falls to $62,000
Bitcoin fell to $62,000 on Saturday, its lowest level since mid-August, while the total crypto market capitalization dropped by more than $300 billion from Thursday, according to CoinMarketCap. The Defiant reported a larger ten-day loss of $571 billion, a gap that reflects differing measurement windows.
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The Weekend Drop
Bitcoin fell to $62,000 on Saturday, a level it had not traded at since mid-August, according to CryptoPotato. Altcoins fell alongside it, with XRP touching a two-year low near $0.90 and ether trading near $1,800 after a 6% decline over 24 hours.
Bitcoin has since recovered a few thousand dollars but remained below $65,000 at the time of reporting. Its market capitalization was about $1.3 trillion, and its dominance over altcoins slipped 1 percentage point to 59.3% on CoinMarketCap.
How the Decline Built Up
Bitcoin peaked near $81,000 on November 4, shortly after the US midterm elections, and has fallen since. CryptoPotato traced the slide through a series of failed rebounds: a drop to $73,500 on Monday, a rejection below $73,000 on Tuesday after a hotter-than-expected US CPI print, and a halt at $74,800 on Thursday. By Friday, bitcoin had lost the $70,000 support level.
The Defiant placed the inflection point at November 12, when bitcoin broke below $72,000, and said the selloff accelerated from that break. Its reporting frames the damage over a ten-day window.
Disagreement on the Size of the Losses
The two outlets report different totals because they measure different windows. The Defiant put the ten-day loss at $571 billion. CryptoPotato reported that total crypto market capitalization fell by more than $300 billion from Thursday, leaving it below $2.2 trillion on CoinMarketCap. Neither outlet's figure is inconsistent with the other, but readers comparing them should note the different starting dates and data sources before drawing conclusions about the scale of the drawdown.
Altcoin Losses
CryptoPotato reported declines across the market over the same period. AVAX fell more than 11.5%, PUMP nearly 15%, and DOT and MORPHO each more than 9%. SOL, HYPE, XMR, DOGE, LINK and ADA posted losses of up to 8%.
Why It Matters
For Traders
Bitcoin's loss of the $70,000 support and its weekend low near $62,000 make the next key levels worth watching closely as liquidity thins.
For Investors
A drawdown of this size after the November 4 peak signals a sustained risk-off phase that may test long-horizon positioning through the coming quarters.
For Builders
Sharp market-wide drawdowns increase liquidation pressure on lending and derivatives protocols, so collateral and oracle assumptions deserve a fresh stress test.
This article is for information only and is not financial advice. Read the full disclaimer.
