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Back Below $200 Billion: Crypto Market Cap Sinks to 10-Month Low
The sell-off in bitcoin and the resulting risk aversion pushed the cryptomarket to the lowest level since November 2.
By Sam Ouimet
Updated Sep 13, 2021, 8:22 a.m. Published Sep 10, 2018, 2:45 p.m.
The total market capitalization for all cryptocurrencies fell to its lowest point in over 10 months on Saturday.
The development followed a particularly bearish week for the broader cryptocurrency market. Bitcoin , the world's largest cryptocurrency dropped over $1000 on Sept 5. and Ether , the world's second largest cryptocurrency, fell to its lowest level in over 12 months.
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The bearish milestones were among many others, causing the total market capitalization to shed nearly $44 billion since the start of last week to reach $191.1 billion on Sept 8. – its lowest value since November 2, 2017.
At press time, the figure has risen slightly and is currently recording $195,669,923,552, representing a 16 percent decrease month-to-month and 77 percent depreciation from the all-time high of $830 billion set in January.
The bitcoin dominance rate – an indicator that tracks the percent total crypto market capitalization contributed by the leading cryptocurrency – is also printing its highest level in nearly 10 months, hovering just below 56 percent.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Cryptocurrencies Image via Shutterstock
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