Back Below $200 Billion: Crypto Market Cap Sinks to 10-Month Low

Sam Ouimet
Sep 10, 2018 at 14:45 UTC
markets

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 (BTC), the world’s largest cryptocurrency dropped over $1000 on Sept 5. and Ether (ETH), the world’s second largest cryptocurrency, fell to its lowest level in over 12 months.

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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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.