The total market cap of all cryptocurrencies has dropped to 2018’s low.
These developments came after the US Securities and Exchange Commission was late in deciding on its bitcoin-traded fund (ETF) recommendation. The news also determined the market reaction, causing all cryptos to drop to $227.8 billion on Wednesday, the lowest since November 2017.
The drop to a 9-month low of 10.7% on the 24-hour period. means loss. At the time of publication, its market cap is $229 billion.
Even though the ETF decision is only about bitcoin, many altcoins say they are losing more than bitcoin, which raises the perception of risk to the market.
<
Bitcoin dominance rate – an indicator of how much the leading crypto contributes to the overall crypto market cap – has increased to an eight-month high of 49.5%, suggesting that investors are turning to bitcoin rather than altcoins.
Total of all cryptos As can be seen from the difference between the market values and the market value of bitcoin, people are no longer investing in high-risk altcoins as much as before. On the other hand, bitcoin’s market cap was $111 billion.
At this time, the BTC dominance rate is hovering around 49.5%, and if risk increases, it could reach even 50% as demand for well-founded cryptos will increase.
Join our Telegram channel and follow us on Twitter to be instantly informed about the last minute developments!
Coindesk-Sam Ouimet