The total value of all cryptocurrencies below $100 billion this morning amid new developments out of China.
That figure dropped to as low as $98.95 billion, down from $179 billion just two weeks ago – a fall of 47.7 percent, according to CoinMarketCap data. That loss has been driven by broad declines across the top-10 cryptocurrency markets, with ethereum classic, litecoin and bitcoin cash being hardest hit among those in the top-10 list. Each of those markets is showing 24-hour declines in excess of 15 percent.
Since that slide below $100 billion, the market has recovered somewhat, hovering around $108.8 billion at press time.
Of course, most eyes are on bitcoin today, the news is not good.
With China being a major location for bitcoin trading globally, this all is having a strong affect on prices, and today saw a five-week low of $2,951, having started the session at $3,226. At press time, bitcoin's price had recovered, rising back to $3,291.00 according to the BPI.
Bitcoin's market capitalization has also fallen as a result, now sitting at roughly $53 billion – down from $81.9 billion on September 2, according to CoinMarketCap.
Image via Shutterstock; Graph via CoinMarketCap
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