Sub $200 Billion Cryptoc Market Cap Is 2018 Low As Bitcoin Dominance Tops 54%
The cryptocurrency bear trend has hit very hard the virtual currency market. This time, the total market capitalization of virtual currencies dropped under $200 billion dollars, the lowest mark since November 2017.
Most of the virtual currencies have been falling in the last days and weeks, and that has inevitably damaged the total market capitalization.
At the moment of writing the total market capitalization is $192 billion dollars, according to CoinMarketCap. There are currently no cryptocurrency in the top 100 trading positively (excluding stable coins).
The most important cryptocurrency is playing a very important role right now. It is being used as the currency to hedge in this bear market – aside from the US Dollar. Bitcoin’s dominance in the market has also reached new highs during this year arriving at 53.7%, the same level as in December 2018.
It is not clear why this bear market is hitting so hard. However, during the last week, the U.S. Securities and Exchange Commission delayed the decision on whether to approve or not the first Bitcoin exchange traded fund (ETF).
Bitcoin is now traded around $5,990 dollars.