Below $200 Billion: Crypto Market Sinks to New 2018 Low

Stan Higgins
Aug 14, 2018 at 02:20 UTC
Updated Aug 14, 2018 at 11:33 UTC
markets

Falling prices have sent the total market capitalization of all cryptocurrencies back below $200 billion.

Data from CoinMarketCap shows the total market cap slid to $189 billion on Tuesday, a move that follows successive days of market declines. The market cap first rose above $200 billion in November 2017, a development spurred at the time by the listing of bitcoin futures products.

Leading the downward push is zilliqa, which has seen the value of its ZIL cryptocurrency fall by 35 percent in the past 24 hours.

The decline is accompanied by continued growth in the so-called bitcoin dominance rate, or the percentage of the total market cap that is contributed by the world’s largest cryptocurrency.

As CoinDesk reported on August 11, the dominance rate rose above 50 percent for the first time in 2018. At press time, that figure is being reported as 54 percent, it’s highest annual total.

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.