After one of the biggest bull runs the world has ever witnessed, the cryptocurrency “bubble” popped in early January when the cryptocurrency market’s aggregate market cap reached an all-time high of $830 billion. Since then, the crypto market has seen its share of highs and lows, bouncing back and forth between roughly $500 billion and $230 billion.

However, following the breaking news that the VanEck and SolidX CBOE Bitcoin ETF proposal decision was delayed by the United States Securities and Exchange Commission, the total cryptocurrency market cap has tumbled, reaching a new 2018 low of $221 billion.

While Bitcoin’s price has seen a significant drop, losing over $750 in value overnight since the ETF delay was announced, altcoins such as Ethereum and Ripple have dropped a much larger percentage in value, and many individual coins have reached new yearly lows.

Ethereum, the second-largest cryptocurrency by market cap, dropped nearly 12% over the last 24 hours, reaching a 2018 low of $358.

XRP, which is currently ranked number 3 by market cap, has lows nearly 18% in value in 24 hours, bringing the price to just 32 cents each. Ripple may have been among the worst investments for retail investors getting into the cryptocurrency market since January. XRP’s previous all-time high was $3.65.

Top ten newcomer EOS, which helped the overall market rebound from April lows through May, is still hanging on at $5.57. That’s still more than $1 more than its April low of $4.15, but ways to go before getting back to its January high of $16.

Stellar, which has been among 2018’s top performers in terms of maintaining its value despite the market suffering around it, declined over 13% in the last 24 hours, crushing what momentum it had from the announcement that Coinbase would be exploring the coin for possible listing. It currently sits at 20 cents per XLM.

Former number three cryptocurrency that has fallen hard from grace, Litecoin, has reached $62. Top traders such as Peter Brandt are calling for a price target of $48 after reaching this new low.

Outside of the top ten, Ethereum Classic which has been skyrocketing ahead of it being listed on Coinbase, also saw nearly a 17% drop in price.

While many altcoins and the total crypto market cap continues to decline, Bitcoin dominance has increased to the highest it has been in 2018, currently sitting at 49% of the total cryptocurrency market cap.

Despite such a steep decline, many financial analysts believe that a bottom is near, which could mean low prices like these are at the point of maximum opportunity for return. Still, the market will likely continue to show uncertainty until the SEC’s Bitcoin ETF decision is finally made on September 30th.

Editor’s Note: All price data is according to CoinMarketCap as of August 8.