The cryptocurrency market continues to fever. To the disappointment of crypto traiders, the rates of the main cryptocurrencies show a bearish trend, while the capitalization of the whole market fell below $200 billion.

Within the last 24 hours, the capitalization of the cryptocurrency market lost about 10% and fell below $200 billion. The bitcoin rate returned to $6,000 again, and the price of Ethereum sank 12% and fell to a multi-month low of $270. At this level, Ethereum has not been traded since September 2017.

Ripple fell 13%, Bitcoin Cash fell 13% and is trading below the $500 mark. Ripple fell by 90% compared to its maximum price in 2018.

The only cryptocurrency from top-10 by capitalization, which demonstrates growth, is stable-coin Tether, which is often used by investors to lock in profits or minimize losses during the market fall.

Amidst this sharp drop in market capitalization, the bitcoin dominance index is growing. Currently, this index stands at almost 54%. This is also a traditional indicator of the cryptocurrency market fever. Investors prefer to convert altcoins to bitcoin, which is considered a more reliable and stable asset on the market.

The Ethereum price is reportedly pressured by ICO projects that sell raised ETH tokens. According to Santiment, within a month, several dozens of ICO projects sold 100,000 ETH. As the Twitter-user Galaxy ironically noted, the drop in ETH was expected, as there are more advisers and CEOs of ICO projects on the market than buyers of ETH tokens.

The pressure on bitcoin could be made by the Chinese mining giant Bitmain, which, according to the IPO prospectus for investors, preferred to sell bitcoins and exchange them for Bitcoin Cash. This was an unfortunate decision, as it led to a loss of about $500 million due to a sharp drop in the Bitcoin Cash price.