1102 ET - Strength seen in altcoins -- cryptocurrencies outside of bitcoin or stablecoins -- has quickly faded in the early days of October, with most major cryptocurrencies posting big losses in morning trade. Altcoins are now amplifying losses seen in bitcoin, says analysts with Glassnode in a note. The firm attributes this to the leverage built up around many mid-cap and small-cap tokens, with these coins carrying open interest that is high in comparison to their total market capitalization -- a sign of a potential unwind ahead, says Glassnode. Bitcoin falls 3% to $83,071, while ethereum is down 5.1% to $2,562, XRP drops 4.8% to $1.43, and solana is down 4.3% to $115.84.
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