Market capitalization of crypto-currencies reached a record low in 2018 level
The cryptocurrency market in recent days has shrunk by more than 10%, reaching in the afternoon of August 8, $227,8 billion. This level of capitalization according to Coinmarketcap, the last time was recorded in November 2017.
No matter how expected it was not the decision of the Commission on securities and exchange Commission (SEC) in the US to extend consideration of the application for the opening of the ETF is tied to bitcoin, ITS, many, it seems to be caught off guard. More other lost bitcoin and altcoins.
This naturally led to the rising dominance of bitcoins — its market capitalization now exceeds 48% of the total market capitalization of cryptocurrencies. Such a change may serve as an indication that investors choose it as a less risky investment, and as a way withdraw funds in Fiat.
However, there is competition it certainly is Tether — as of 18:00 Moscow and Kiev, it is the only coin in the top ten, showing minimal fluctuations in the last day, within hundredths of a percent.
Bitcoin this time lost per day of 8.73% and is trading at around $6490 per coin. Drop the other coins of the top ten is in double digits in percentage terms (from minus 11 to minus 19%).
We will remind, on the eve of Tom Lee, founder of Fundstrat Global Advisors, has expressed confidence that bitcoin is “not broken,” the cryptocurrency No. 1 will be fine, if it stays at current levels the exchange rate and volatility.
“I think people are just afraid of what will go down again to $6000 and will never escape from the clutches of the bears,” he added. Bitcoin is really holding up better than other cryptocurrencies, although If the forecast was announced before it became known about the decision of the SEC.