The cryptocurrency market has been facing a bloodbath since the beginning of this week. The current bearish market is considered to be the third worst bearish market for the year. Many speculate that the announcement made by the SEC that they would be postponing the decision to September is the reason for the massive negative impact on the price of Bitcoin [BTC] and altcoins. Whereas some speculate that it is the whales to blame again.
Earlier today, Bitcoin [BTC]’s dominance in the market reached this year’s all-time high. Bitcoin [BTC] currently has a dominance of over 50.93% in the market and seems to be increasing. Although BTC dominance reached its highest this year, the total market cap reached its lowest.
The current total cryptocurrency market cap is estimated at around $208.05 billion. This indicates that the cryptocurrency market has lost around $20 billion in just a few hours because of the bears making the market cap hit its all-time low this year.
The highest market cap for 2018 is estimated at around $834 billion which was during the beginning of this year i.e., in the month of January. This was also the all-time highest market capitalization for cryptocurrencies. Compared to that, the market has lost over $70 billion this year.
Kenneth Mathew, a cryptocurrency enthusiast says:
“I never expected the market cap to plummet to such an extent. It looks like the alts days are coming to an end and the Bitcoin [BTC] dominance is the perfect proof for that.”
The bearish market has led to all the top 20 coins losing more than 10% in the past 7 days. The biggest losers in the market for the past 7 days are IOTA [MIOTA], XRP [XRP] and NEO [NEO].
According to CoinMarketCap, at press time, IOTA [MIOTA] was trading at $0.51 with a market cap of more than $1 billion and has seen a significant drop of more than 40% in the past 7 days.
XRP [XRP] was trading at $0.22 with a market cap of $11 billion and has dipped by more than 31% in the past 7 days and NEO [NEO] was trading at $17.92 with a market cap of more than $1 billion and has plunged by more than 34% in the past 7 days.