Crypto Stats: 2014 Decline was -86% for 266 Days, Today -85% for 252 Days on as Upcoming ETF is in 2 Weeks
Altcoins Next to Their Biggest Market Cap Drop in History
Back in 2014, the total altcoin market capitalization fell over 85% and the bear market last 266 days. After it, altcoins bounced and started a new bull run. Today, altcoins lost 85% of their value since their all time high at the beginning of 2018. The decline has already been for over a period of 252 days.
If the market continues to fall we may see the biggest alcoin drop in history. There are several projects that lost more than 90% of their value since their all time high. Currencies such as XRP or Cardano (ADA) have lost 93% and 95% respectively.
However, Bitcoin (BTC) remained as one of the strongest virtual currencies. Its dominance has been growing since the beginning of the year and has reached the same levels it had back in December 2017 when it reached $20,000 dollars.
The most important virtual currency by market capitalization has lost 71% since its all time high in December. This shows that Bitcoin has been used as a hedge for several other projects that were losing between 80% and 95% of their value.
Ethereum (ETH), closely related to Initial Coin Offering (ICO) tokens has experienced an important sell off in the last weeks. Compared to the US dollar, Ethereum is being traded at the same levels as in May 2017. In terms of BTC, Ethereum reached its lowest point since December.
The Ethereum network has been used by several projects to launch their own tokens. And in the last times, with a falling altcoin market, Ethereum has been clearly harmed. Its dominance in the cryptocurrency market has reached the same levels as in March 2017.
Ethereum is now being traded under $175 dollars, according to CoinMarketCap. Moreover, it has a market capitalization of $17.69 billion dollars. In the last 24 hours, ETH has lost 9.55% of its price.
The cryptocurrency market is currently in a very long downtrend. Nonetheless, after bear markets in the past, the price of most of the virtual currencies surged exponentially to new levels. At the moment, we are still waiting for this movement and for something that would be able to trigger that bull run.
Institutional investors are still not entering the market. The U.S. Securities and Exchange Commission (SEC) has also influenced the market when it announced that it delayed the proposal for a crypto ETF.
At the moment of writing, the total crypto market capitalization is $187.6 billion dollars. Back in January, the number was close to $900 billion dollars.