Cryptocurrency total market cap falls below $200bn
The market capitalisation of all cryptocurrencies fell below $200bn on Tuesday for the first time in nine months as digital coin prices fell sharply across the sector.
According to data on CoinMarketCap, the last time the total digital coin market capitalisation was below the $200bn level was on November 12.
Last time we were rallying
Back then, however, bitcoin and most other cryptocurrencies were embarking on a rally that would – within a matter of nine weeks – take the market capitalisation of all digital tokens to a record of nearly $830bn.
Crypto investors are known for their unflinching optimism, however, and were not particularly upset by the drop in market value.
Matt Malone wrote on Twitter: “The most beautiful thing about cryptocurrency is that literally anything is possible. We may see a $1tn marketcap end of this year or we may see a $50 billion marketcap.”
The most beautiful thing about cryptocurrency is that literally anything is possible. We may see a $1trillion marketcap end of this year or we may see a $50 billion marketcap.
— matt malone (@mattmalcrypto) August 13, 2018
There were some severe losses for cryptocurrencies on Tuesday. Bitcoin – the biggest among them by market cap and daily traded volume – was down around 7% and was among the least severely hit.
Bitcoin’s market cap remained just above the $100bn mark, meaning its capitalisation is now more than half of the total market. We’ll be back just after 11am [London time] with a more detailed round up of the day’s price moves among the top 10 cryptocurrencies.