The total aggregate cryptocurrency market cap has reached a new low for 2018, just weeks after dipping below $200 billion in mid-August. Meanwhile, Bitcoin, the number one cryptocurrency by market cap, which makes up the lion’s share of the aggregate market cap, has increased its dominance to a new one-year high.

Total Crypto Market Cap Falls below $190 Billion

According to data from CoinMarketCap, the leading cryptocurrency price and trading data website that pulls information from over 13,000 markets and 1900 cryptocurrencies, the total aggregate cryptocurrency market cap has fallen below $190 billion for the first time in 2018, breaking previous mid-august lows.

The last time the cryptocurrency market was under $190 billion was on November 1, 2017, right before Bitcoin’s price went parabolic, more than doubling its price in a little over a month later. Bitcoin reached an all-time high of just under $20,000 on December 17, 2017. On November 1, Bitcoin was trading at around $6,600, roughly $400 higher than its current price.

Bitcoin Dominance Reaches New 2018 High

Not all is bad for Bitcoin, though. The undisputed king of cryptocurrencies has only further solidified its dominance, with Bitcoin dominance – a metric that compares Bitcoin’s weight to the rest of the cryptocurrency market – has reached a new 2018 high of 57%.

57% is the highest Bitcoin dominance rate has seen throughout all of 2018, after reaching lows of 32% in mid-January.

Billion Dollar Valuations No More

Of all 1930 cryptocurrencies listed on CoinMarketCap, there are now only 15 crypto projects with total market cap valuations over $1 billion, including:

Ethereum

XRP

Bitcoin Cash

EOS

Stellar

Litecoin

Tether

Cardano

Monero

Dash

IOTA

TRON

Ethereum Classic

NEO

Irrational exuberance following Bitcoin’s meteoric rise sent cryptocurrency valuations to the ‘moon’ and have since returned to more realistic valuations based on current day fundamentals and consumer adoption rates.

What’s Next for Crypto?

Cryptocurrencies have been trapped in a bear market downtrend ever since Bitcoin’s parabolic advance was broken. Bitcoin’s price has been forming a descending triangle over the past 9 months with bottom support at roughly $5,800 to $6,000.

Descending triangles are often considered continuation patterns, suggesting that Bitcoin could see lower lows than what it has experienced throughout 2018. However, descending triangles only break downward 64% of the time, leaving a 36% chance of Bitcoin’s price breaking upward. Some descending triangles can even be powerfully bullish, according to past examples in different markets.

Some experts peg the overall crypto market cap at trillions of dollars in coming years, and others believe Bitcoin’s price can reach astronomical highs. All are great signs that there is still positive sentiment left in the market and the cryptocurrency market could see a reversal soon.

Read more on Bitcoin price predictions here.