Market Update October 4

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The past week has been a rollercoaster ride for the cryptocurrency market as major coins such as Bitcoin and Ethereum experienced significant price movements.

The price of Bitcoin dropped by 6.36%, trading at $61,351.70 per coin. Ethereum also saw a dip, dropping by 10.02% and trading at $2,378.45 per coin. This has left investors wondering about the potential causes and impact of these price fluctuations.

Despite these fluctuations, the overall market cap of the cryptocurrency market increased by 1.04% to $2.13 trillion, indicating that other altcoins were able to offset the losses incurred by Bitcoin and Ethereum.

This diversification of the market is crucial as it reduces the risk of a major crash if one of the major coins experiences a significant drop in price. Among the altcoins, Binance Coin (BNB), the native token of the Binance exchange, also experienced a dip in price, dropping by 8.50%. Solana, a blockchain platform for decentralized applications, also saw a notable drop of 10.53% in its price.

XRP, the native token of Ripple, also followed the trend, dropping by 10.50%. Perhaps the most significant drop was seen in the price of Dogecoin, the meme-inspired cryptocurrency that has gained a cult following, which decreased by 12.61%.