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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.
Ni Sam Ouimet
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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