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Cryptocurrency market cap fell below $ 200 billion for the first time this year

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The market capitalization of the cryptocurrency fell below $ 200 billion for the first time this year, having lost more than 70% in seven months.

According to the analytical portal CoinMarketCap, the market capitalization on Tuesday fell to $ 191 billion, which is the minimum since November last year.

In January, the volume of the market reached a peak level of $ 814 billion.

Bitcoin, ether and other main cryptocurrencies continue to become cheaper. The bitcoin‘s rate fell by 5%, falling below $ 6000 for the first time since the end of June, and is now close to a minimum this year, according to CoinDesk.

Bitcoin, which price was close to $ 20,000 in December, has lost 70% of the cost.

The Ether has fallen 17% in the last 24 hours, falling below $ 300 for the first time since November. The exchange rate of XRP by the Ripple startup dropped by 15%, Bitcoin Cash – also by 15%.

98 of the top 100 largest cryptos fell in the last 24 hours, according to CoinMarketCap.

Some analysts believe that the fall of the cryptocurrency market may be a consequence of the crisis in Turkey, which put pressure on other assets.

“The weakening of the cryptocurrency may be a side effect of strengthening the dollar,” quotes Dow Jones, chief analyst of eToro’s online trading platform Mati Greenspan. “The dollar simply crashes everything on its path.”

The ICE index, which assesses the dynamics of the US dollar relative to the six major world currencies, jumped to its highest level in 14 months on Monday. Over the past week, the indicator added 1.3%. On Tuesday, the value of the index is stable.

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