The total value of all publicly traded cryptocurrencies hit a combined $366 billion today, the lowest figure observed for the market since Dec. 4, data from CoinMarketCap reveals.
The more than 60-day low, however, can also be read more bearishly, as it represents a 50 percent drop from the market’s all-time high above $830 billion in early January.
Indeed, for the second time in just four days, the market is awash with double-digit declines, as in just a few short weeks a combination of new buyer fatigue and negative news appears to have taken its toll.
This time, the culprit may be speculation that new buyers may be further discouraged due to reports China could further restrict domestic buyers from overseas market resources, while major credit card issuers across the globe are reportedly restricting access to cryptocurrency buying.
Still, year-over-year, the figures are less bleak, as the market is up more than 1,800 percent from just $19 billion in Feb. 2017.
As such, traders may be trading the declines and otherwise taking their negative news in stride. Further data analysis reveals the market is still trading above the $355 billion total observed on Friday, when the market saw a similar period of double-digit declines.