The last month, never mind the last few days, have been rather trying for cryptocurrencies. Bitcoin, at the head of the ecosystem, has fallen substantially, but overall, it is the smaller cryptos, with lower market caps, that appear to have taken the brunt of the bearish turn.
Bitcoin’s own market dominance has been falling in the past few months, almost its price. However, the threat of an altcoin season has far from been realized, as BeInCrypto has previously touched on. In fact, it was pointed out by cryptocurrency analyst Joseph Young (@iamjosephyoung), that the smaller market cap coins have been hit the hardest in this latest drop.
According to Young, the drop in the overall market cap of the cryptocurrency ecosystem shows a fall of more than 27 percent in less than two months. Yet, Bitcoin’s own dominance has gone from a high of 71 percent to 66 percent at the time of publishing, in the same period.
Small-Cap Cryptocurrencies Getting Rekt
Young made a note of the substantial fall in market valuation of the cryptocurrency space from October to November:
In October, valuation of the crypto market was $255 billion. Today, it is $184 billion, down by more than 27% in less than two months.
It’s actually nearing April 2019 levels when BTC was $4,900.
Shows most small market cap cryptos have essentially nosedived in Oct-Nov.
— Joseph Young (@iamjosephyoung) November 25, 2019
Indeed, it has been a challenging year in general for the altcoins, even the ones with a more significant share of the market. Bitcoin’s expanding dominance was the first factor to hit hard against their growth, and even with the major cryptocurrency falling away somewhat, no altcoins have managed to take the initiative and rally.
Early on in the year, it was Litecoin that was credited with sparking the cryptocurrency spring that helped Bitcoin break away from its bearish 2018. Since then, there has been very little to write home about for coins with smaller market caps, and things only…