The market was down significantly during last week. The overall cryptocurrency market cap decreased 16% to $197 billion. Bitcoin was down 13% to $6,300 and ether price decreased 31% to $200.
The drop in overall market cap to below $200 billion puts us back to the level seen in mid-August, which was the lowest level in 2018. Ether took a particularly hard hit, and as a result, Bitcoin dominance rose to 55.6%, the highest level of the year.
With the severe drop in ether price, some investors are question whether the worst is over for the coin. ICO projects still have significant amount of ether in their treasury. We believe some projects panic sold and converted their ether reserve into fiat, as they saw that their project’s runway has shortened significantly and decided to cut the risk.
We also want to share an Interesting chart from CryptoWolf on Twitter.
The chart compares the popular market psychology chart with (1) Nasdaq Composite during the tech bubble (bottom), and (2) the current cryptocurrency bear market (top). Not saying that we are at the bottom, but we just found this to be an interesting comparison drawing the similarities in different financial markets because human psychology is at play.
Coinbase Joins Race For A Crypto ETF, Seeks Help From BlackRock: https://www.ccn.com/coinbase-joins-race-for-a-crypto-etf-seeks-help-from-blackrock/
ShapeShift Will Now Require “Basic Personal Details” for New Membership Program: https://bitcoinmagazine.com/articles/shapeshift-will-now-require-basic-personal-details-new-membership-program/
Bitcoin Tracker One and Ether Tracker One Suspended by U.S. SEC: https://www.bloomberg.com/news/articles/2018-09-09/bitcoin-tracker-one-and-ether-tracker-one-suspended-by-u-s-sec
Local Bitcoin Price Hits Record-High of $24,000 in Iran: https://cryptoslate.com/local-bitcoin-price-hits-record-high-of-24000-in-iran/
Vitalik Buterin: There’s A Ceiling In Sight For Blockchain Growth: https://news.livecoinwatch.com/vitalik-buterin-ceiling-blockchain-growth/
Twitter Turns to Blockchain Technology to Prevent Scams: https://cryptoslate.com/twitter-turns-to-blockchain-technology-to-prevent-scams/
Andy Warhol Painting Sold for Millions on Maecenas Blockchain: https://cryptoslate.com/andy-warhol-painting-sold-for-millions-on-maecenas-blockchain/
Status Post-ICO Update: https://crushcrypto.com/status-update-september-2018/
Crush Crypto Core August 2018 Report: https://crushcrypto.com/ccc-august-2018/
Interview with Polymath: https://crushcrypto.com/polymath-interview-sep-2018/
Aragon Post-ICO Update: https://crushcrypto.com/aragon-update-september-2018/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.