Ever since the U.S Securities and Exchanges Commission [SEC] postponed the proposed rule change for a Bitcoin ETF, the market has been going through a horror. At present, Bitcoin [BTC], Ethereum [ETH] and other cryptocurrencies are facing a bloodbath in the market.
Many market speculators believe that the SEC is trying to manipulate the market, and to top it off, the whales are making a move in the market because of the recent news. Although that is believed to be the reason for Bitcoin [BTC] price crash, speculators are blaming the ICOs for Ethereum [ETH]’s price cash.
According to them, the ICOs have started to cash-out in the market in order to make profits as their projects have failed. These factors have not only affected the price of all the cryptocurrencies but also the market dominance and the cryptocurrency market capitalization.
According to CoinMarketCap, at press time, the cryptocurrency market capitalization was valued at $194.57 billion. The market has been wiped off of more than $19 billion since the beginning of this week. The current market cap is recorded to be the lowest of this year. The last time the market cap was valued at around $194 billion was in the month of November 2017.
The cryptocurrency market cap is not the only factor that has gone back to November 2017 value with the Bitcoin dominance also following suit. Currently, the Bitcoin [BTC] dominance is at 53.75% and has been on a constant rise since the beginning of this month. On 15th November 2017, Bitcoin’s dominance was valued at around 53%.
The second highest dominance in the market is currently held by Ethereum [ETH] at 14%. Irrespective of this, Ethereum [ETH] was hit the most, which is its all-time low in the market yesterday, jumping below the $300 mark. The coin is still struggling to cross the $300 mark. According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $264.44 with a market cap of $26.79 billion and the coin has seen a significant dip of more than 17% in the past 24 hours.
Moreover, earlier today, Bitcoin [BTC]’s price also witnessed a fall below its $6000 mark leaving the whole market in a state of utter shock although it bounced back after a short period of time. Bitcoin [BTC] was trading at $606.44 with a market cap of $104.34 billion. The coin has seen a significant dip of more than 6% in the past 24 hours.
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