Total Market Cap for All Cryptos Sees New 2018 Low
According to reports, all cryptocurrencies have plummeted to new lows this year in terms of the total market cap (TMC). This was a result of the United States Securities and Exchange Commission once again delaying the approval or denial of a Bitcoin ETF. After the delay was announced, cryptocurrency markets saw upheaval and dropped to a current value of $227.8B as of the 8th of August, it's newest low since November last year.
Almost Rock Bottom
Achieving their lowest since last year once again, it marks a 10.7% devaluation on a daily basis. As of now, the market has made a tiny comeback in terms of capitalization back up to $228.6B. Despite only delaying an ETF proposed for Bitcoin, several altcoins have suffered even more drops than the first and leading cryptocurrency.
BTC’s dominance is rising though, a method of indicating how much the leading cryptocurrency has invested into the total market cap percentage, achieving a new high of around 48.6% in the past eight months ago and points to a possible shift from altcoin interest back to BTC and possibly fiat currencies as well. The difference in total market cap between BTC and all major and minor cryptocurrencies is pointing to a possibly lower demand for risk-associated altcoins.
As of now, TMC of all digital coins except Bitcoin is slightly exceeding $118B and Bitcoins TMC has reached $111B in total as was seen just under a month ago. Additionally, BTC’s dominance could reach 50%, increasing demand for solid and distinguished cryptocurrencies like Bitcoin.