Crypto Market Touches Lowest Level Since Nov 2017, Altcoins Show Worst Performance in Months

 In Altcoins, Exchanges

The crypto market cap recently touched the lowest level since mid-November of last year, with altcoins seeing the worst performance in months.

The cryptocurrency market capitalization fell to the lowest level since November 16, after Bitcoin (BTC) triggered a massive bearish movement. According to Coinmarketcap data, the crypto market has lost 11.6% during the last 24 hours, touching a daily low at $219.2 billion. In the last two weeks, the market has lost over a quarter of its value, declining by 27.5%.

The dramatic fall started after the US Securities and Exchange Commission (SEC) said on Tuesday that it moved the date when it would decide whether to approve a BTC exchange-traded fund (ETF) product proposed by CBOE. The deadline was set for September 30. The market sentiment suffered as investors hoped for a regulated Bitcoin ETF to bring in new funds in the industry.

Soon after the SEC announcement, Bitcoin left its daily peak of $7,144 and fell to the current level at $6,357, touching a daily low at $6,226. However, this is not the lowest level in months, as Bitcoin was trading below $6,000 at the end of June. It proves that the altcoins have had an even worse fall than Bitcoin, which helped the latter consolidate its dominance.

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The dominance level of the largest and oldest cryptocurrency out there increased to 48.83%, the highest figure since December 20, 2017.

On Wednesday evening, Aurora was the only cryptocurrency in the top 100 coins to show a slight increase, with Tether being a stable coin. The altcoins crashed to the lowest level in 2018, with Ripple and Bitcoin Cash losing all their gains since December and November respectively.

On Coinmarketcap, Ethereum fell 12%, Ripple’s XRP has lost 19.46%, Bitcoin Cash was down 17.26%, EOS and IOTA crashed over 21%, while Stellar, Litecoin, Ethereum Classic, Tron, and Monero has declined by over 15% each.

However, this might not be the bottom, as the bearish trend might continue, especially because Bitcoin has more room to its support level.

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