According to data from CoinMarketCap, the total market cap fell to about $221.803 billion today, down roughly 25 per cent since its all-time of high of more than $800 billion in January of this year.
At time of writing, the total market cap is at $221,803,776,183 (4pm, ET), down about 11 per cent in 24 hours.
Bitcoin’s market dominance is holding steady at 49.1%, having taken a 7.76 per cent hit in 24 hours.
One BTC is currently fetching $6,321.39, on a average, per CoinMarketCap.
XRP down nearly 15%
Other coins have suffered more than Bitcoin, however; Ripple’s native XRP token is down a whopping 14.91 per cent in 24 hours with XRP tokens trading at just $0.330721.
The developments come after the SEC (U.S. Securities and Exchange Commission) delayed a decision on a proposed Bitcoin ETF (Exchange-traded Fund).
The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $221 billion on Wednesday, its lowest level since November 2017.
Altcoins to BTC to fiat
Although the ETF decision is solely in regards to Bitcoin, many alt coins are showing worse losses than the world's largest cryptocurrency by market cap.
The rise in the bitcoin dominance rate – an indicator that tracks the per cent of the total crypto market capitalization contributed by the leading cryptocurrency – to an eight-month high of 49.1 per cent also suggests the investors are venturing out of alternative cryptocurrencies and into Bitcoin, and then possibly on to fiat currency.
The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC's market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies.