Cryptocurrency prices drastically down. The lowest capitalization since November 2017

The capitalization of the cryptocurrency market has reached another hole, and the prices of all cryptocurrences go head to head. The total market capitalization of the cryptocurrency is (as part of the writing of the article) 192 million dollars and this is the lowest result since November last year. Currently, the price of Bitcoin oscillates at the limit of 6050 $, and Ethereum after even more declines, at the level of 265 $. It is worth noting that the dominance of Bitcoin also increases, which accounts for 54% of the total virtual currency market.

Below is a pie chart describing the capitalization of the cryptocurrency market, with the separation of the largest digital currencies

The last period is not favorable for investors in cryptocurrencies. Virtually all cryptocurrencies (including the US dollar-based Teters) are declining, at 5-20%. Ethereum suffered the most, with a price drop of 60 $ in just two days. Listed below are the top 10 cryptocurrencies in terms of market capitalization and as you can see, the situation does not look promising.

While cryptocurrency prices skyrocketed in July, hoping that the ETF fund supported by Bitcoin would attract new investors, US regulators postpone the timing of decisions and reject applications for the creation of a fund. The turmoil coincided with the growing concern that entrepreneurs who have invested in ICO projects are losing their invested money, as most ICOs simply collapse. At the beginning of interest in the possibilities of financing with the Initial Coin Offering (ICO), the narrative was to create an environment that would help entrepreneurs finance their ideas. However, most of the current projects use marketing tactics of typical financial pyramids, encouraging fast earnings or the possibility of finalizing transactions using a given cryptocurrency in the future.

Currently, the amount of ICO in 2018 has more than doubled compared to last year. It is worth noting, however, that in 2018 over 1000 projects fell, much more than in the previous year. According to Coinpsy and DeadCoins, two platforms that monitor unsuccessful cryptocurrency projects, these dead start-ups include projects such as BRIG and Titanium.

Cryptocurrencies flew down after the decision on the ETF was postponed?
The decision taken by the US Securities and Exchange Commission (SEC) to postpone the upcoming decision to approve or reject Bitcoin ETF has greatly affected the entire virtual currency market. The original deadline was set for the previous Friday, ie August 10, but their document allowed to extend the decision for 45 days. The current date as well as the final decision on the ETF will be taken on September 30, 2018. The fact is that the decision of the SEC moved the machine, which pulled Bitcoin and other cryptocurrencies down, and currently there is an unusually large panic in the virtual currencies market