Cryptocurrency market capitalization drops by $200 billion

The cryptocurrency market is experiencing a huge price correction, and only the minority of relatively famous cryptocoins manages to hold positions. Most - Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardano, IOTA - lose over 20% each. Naturally, the capitalization of the market is shrinking simultaneously with the price decrease, just as it was growing when Bitcoin was at its maximum.

The price of original Bitcoin is falling down quick, already getting cheaper than 14,000 and it’s very likely this is not the end of the fall. IOTA, the rival of Ethereum, goes through one of the heaviest falls, losing 40% of its price. This jump happened just in 24 hours.

This correction phase was predicted by several economic experts, not to mention those who considered cryptocurrencies a bubble even during the times when Bitcoin cost $4000 dollars. Charlie Lee, creator of Litecoin, recently noted that the price of his invention is too high and might fall soon.

The capitalization fall will only harden the argument of the Fed about the unimportance of Bitcoin. Even when it was at its highest, the Federal Reserve chair stated that the cap was not high enough to influence the world economy.