Cryptocurrency market is falling since the beginning of this week. The current bear market is considered the third worst bear market for the year. Many believe that the SEC’s statement that they will postpone their decision for a bitcoin ETF in September, is the cause of the fall as bitcoin and altcoins. According to another version, the fall is the work of whales.
Meanwhile, the dominance of bitcoin on the market reached a record level this year. Bitcoin [BTC] currently holds more than 50.7 per cent. Although the dominance of BTC reached its highest level this year, total market capitalization reached its lowest level.
Current total market capitalization of the cryptocurrency market is estimated at 214 billion dollars. The market lost about $ 10 billion in just a few hours.
The highest market capitalization in 2018 is at a level of 834 billion, this level was recorded at the beginning of this year, it is the maximum for this market.
A bear market led to the fact that all of the top 20 cryptocurrencies dipped in price by more than 10% in the last 7 days. Most went to IOTA [MIOTA], XRP [XRP] and NEO [NEO].
According to CoinMarketCap IOTA [MIOTA] is trading at 0.53 per U.S. dollar and in the last 7 days fell by more than 40%.
XRP [XRP] is trading at 0.30$, and the height of the fall, the price fell to 0.22 U.S. dollars, representing a drop of more than 30%. NEO [NEO] is trading at $ 18.67. The price of this crypto-currency also fell more than 30% in the last 7 days.