We all know that the crypto market cap in 2018 has had a lot of ups and downs. After a bull run towards the end of 2017, the market cap experienced a sudden and hard correction – just when Bitcoin was reaching a price of around $20,000.
As a result, the prices plummeted in January and February and the overall market cap lost around 70% of its value, hitting lows of $250 billion in the process.
Currently, the crypto market cap is valued at more than $450 billion, making returns and reassuring all the investors that good days are (hopefully) ahead of us. The price of Bitcoin, Ethereum and other altcoins are also back on their feet and slowly rising following the crash.
Still, no one is sure what caused the crypto market cap to fall below $250 billion, however, there are several events that have been accepted as the potential causes, including:
- The selling of a large number of Bitcoin by the Mt. Gox trustee Japanese bitcoin exchange
- The negative messages on mainstream media claiming that Bitcoin is a bubble, leading to a large sell-off as people fled the market fearing the end of cryptocurrencies
- The propaganda that has always been present and talking negatively about the entire crypto market
The great news right now are that the hysteria is over and people got used to news like these. In fact, we are living in probably the best time for cryptocurrencies and exchanges. Most importantly, a time when the crypto market cap is recovering and taking a full swing at the $500 billion mark.
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