Q3 2019 Results: Crypto Market Collapses Again

For the third quarter of 2019, the cryptocurrency market lost a third of its capitalization, while the main cryptocurrency coin fell by 23%. How the market was storming in the period from July to September — read the BNT review.

Capitalization dynamics

The total value of all cryptocurrencies for the analyzed period decreased from $312.2 to $214.3 Bln.

The quarter started smoothly: by July 10, the capitalization increased to $354.9 Bln (the maximum for July-September), but by July 17, this figure dropped to $249.8 Bln. Further on, the total value of the coins did not rise above $319.9 Bln. The minimum value of the indicator was recorded on September 30: $209.2 Bln.

Fig. 1. The dynamics of cryptocurrency capitalization

Source: coinmarketcap.com

Altcoin capitalization decreased by 42%, from $124 to $71.8 Bln. The maximum value, 127.2 billion dollars, was reached on July 9th.

Fig. 2. The dynamics of altcoin capitalization

Source: coinmarketcap.com

Changes in the market structure

As of September 30, Bitcoin accounts for 67.4% of the total value of all crypto coins. Compared to the beginning of the quarter, the indicator increased by 5.9 percentage points.

Ethereum accounts for 8.8% of the market. Over the quarter, the coin lost 1.1 pp. A significant share is still occupied by XRP - 5%. Compared to the beginning of the analyzed period, this altcoin lost only 0.4 pp.

The positions of Tether and Bitcoin Cash are the same, they account for 1.9% of the market capitalization. Moreover, the first altcoin increased by 0.2 pp, and the second lost 0.4 pp.

Fig. 3. The structure of the cryptocurrency market

Source: calculated according to coinmarketcap.com

Change in the value of TOP coins

Bitcoin fell by more than 2.5 thousand dollars — from $10,796.93 to $8,293.87 for the third quarter. The maximum value of the coin was fixed on July 10, then it reached the level of more than 13 thousand dollars. The price of BTC reached a quarterly minimum on September 30: on this day the price dropped below $7,900.

Fig. 4. The dynamics of the cost of BTC

Source: coinmarketcap.com

As for other largest coins, Bitcoin Cash lost in price significantly; this altcoin fell by 43%. Ethereum prices fell by 38%, while XRP prices fell by 35.4%.

Fig. 5. Change in the value of large cryptocurrencies

Source: calculated according to coinmarketcap.com

Experts predict a further drop in the value of Bitcoin in the near future, and the entire cryptocurrency market at the same time. BNT will monitor and report about further developments.