The market capitalization of cryptocurrency is reduced to 186 billion dollars

The collective market capitalization of all cryptocurrencies fell to $ 186 billion Wednesday – its lowest level this year, and the lowest since November 2017.

This is a long and painful downfall for the cryptography market, which peaked at $ 831 billion in January, and while anything is possible in crypto, there is currently no end in sight .

Bitcoin, the largest cryptocurrency value per market, holds up well, with a price of $ 6,281 at the time of writing, which represents a loss of 1.91% in the last 24 hours, according to CoinMarketCap. It's also far from its peak of more than $ 19,800 in January, but Bitcoin has stubbornly refused to go below $ 6,000 this year, bouncing several times on this level.

But other cryptocurrencies, including Ethereum, the second largest coin per market, are losing value at a frenetic pace. At $ 172, down 11.6% over the last 24 hours, Ethereum hit a new low this year. Just a month ago, the price of an ETH was almost double; two months ago, it was almost triple that amount.

The reasons for the price drop have not changed much since last week: institutional investors, banks and regulators are still wary of cryptocurrencies, perhaps more and more in recent months. And many startups that have raised a lot of money through an ICO (initial offer of parts) on the Ethereum platform are now selling it for fiduciary money, which creates selling pressure on the price.

This list, compiled by Diar, shows some of the most well-known ICO funded start-ups and the amount of ETH still present in their portfolio. In recent times, it has declined at an accelerated rate, but there is still much to sell. The authors estimate the total at about 3.5 million ETH, or just over $ 600 million, but the actual number is higher because many successful ICO startups are not included in the list.

Vitalberg Buterin, the co-founder of Ethereum, was recently quoted by Bloomberg as saying that there was a "ceiling in sight" for cryptocurrencies and that it no longer existed. "This may have contributed to the overall negative sentiment towards Ethereum." Buterin later clarified his comments on Twitter, saying that his words were misinterpreted.

The other major cryptocurrencies are not doing very well today either: Ripple fell to $ 0.26, a decrease of 3.7%; Transactions on Bitcoin Cash stood at $ 422, down 10.4% and EOS at $ 4.86, down 2.6%. The club of currencies whose market capitalization is greater than 10 billion dollars has been reduced to three (there have been more than ten at different times of cryptography): Bitcoin, Ethereum and Ripple, the last one being on the verge of win.

As a result, Bitcoin's "dominance" – that is, the percentage it represents in the total capitalization of the cryptographic market – has risen to 57.8% according to CoinMarketCap. In March 2017, before the sharp rise in the price of Ethereum and other alts (coins that are not bitcoins), this figure was above 85%, but other cryptocurrencies began to increase and decrease the domination of Bitcoin. At the present time, even though the entire cryptography market is shrinking, Bitcoin is now re-establishing its dominance over all other parts.

The future of Bitcoin, Ethereum and the rest of the cryptographic market is uncertain. The downtrend could end if the SEC makes a positive decision on some proposed Bitcoin ETFs; a negative decision or a further delay (the decision is currently expected at the end of September) would probably mean a further fall in prices.

Disclosure: The author of this text owns or has recently owned a number of cryptocurrencies, including BTC and ETH.