Newsflash: Crypto Market Cap Drops Below $200 Billion for First Time in November

Newsflash: Crypto Market Cap Drops Below $200 Billion for First Time in November

This weeks crypto downturn forced the cryptocurrency market cap past an uncomfortable milestone on Wednesday, with the cryptocurrency market cap dropping below the $200 billion mark a day ahead of the contentious Bitcoin Cash hard fork.

The crypto market had traded as high as $220 billion on Nov. 7, about the time many bulls were anticipating that the bitcoin price could break above its 200-day moving average (DMA) and begin the long grind back to the all-time high it set last December.

That breakout failed to materialize, and the crypto market began a gradual decline that steepened on Wednesday morning as the bitcoin cash price erased the gains it had made in advance of tomorrows hard fork.

Source: CoinMarketCap

While bitcoin cash has been the large-cap indexs worst performer today, it was far from the only coin affected by todays sell-off. Excluding stablecoins, only three top 100-cryptocurrencies managed to tread water against the US dollar, and seven of the 10 largest cryptoassets posted declines of at least 10 percent.

Altogether, the crypto market cap dropped by more than $19 billion over the preceding 24 hours and was valued at just $192 billion at the time of writing. The sell-off not only brought the combined value of all cryptocurrencies below $200 billion for the first time since Oct. 14 but also brought it to its lowest mark since mid-September.

Notably, the recent decline has seen investor capital begin to consolidate back into bitcoin from the altcoin markets, with bitcoins share of the overall crypto market cap rising to 54.2 percent at present versus 51.8 percent on Nov. 7.

Featured Image from Shutterstock

14.11.2018 / 09:40 39
Bitcoin Cash: Pre-Fork Uncertainty Forces OKEx to Close Futures Market Early Bitcoin Cash: Pre-Fork Uncertainty
Facing significant price instability ahead of tomorrows contentious Bitcoin Cash hard fork, major crypto exchange OKEx abruptly closed its BCH
Bloodbath: Crypto Market Drops in $8B Wipeout; Bitcoin Cash Down 24.4% in 1 Week Bloodbath: Crypto Market Drops in $8B
Over the past 12 hours, more than $8 billion was wiped out from the crypto market, as several major digital assets including Bitcoin Cash (BCH) and
Bitcoin Cash Drops 8% Despite November 15 Hard Fork in Stagnant Market Bitcoin Cash Drops 8% Despite November
Over the last 24 hours, the price of Bitcoin Cash (BCH) has dropped by more than 8 percent, experiencing a steep sell-off for the first time since
BitMEX to Settle Contracts using Bitcoin Cash ABC After BCH Hard Fork BitMEX to Settle Contracts using
With the Bitcoin Cash (BCH) hard forkdate quickly approaching, plenty of cryptocurrencyenthusiasts are anxious as to how many crypto exchanges will
Cryptocurrency Trading Update: Crypto Market Cap Reaches Monthly High Cryptocurrency Trading Update: Crypto
FOMO Moments More midweek momentum pushes markets higher; Bitcoin Cash racing ahead, Zcash, XRP and ETH doing well. Markets are on the move.
Newsflash: Ethereum Price Drops Below $200 in Double-Digit Rout Newsflash: Ethereum Price Drops Below
The ethereum price dropped back down below the $200 mark on Monday, as the second-largest cryptocurrency endured yet another double-digit rout. ETH
Comments (0)
Add a comment
Comment on