The cryptocurrency market witnessed a sharp fall on Saturday with the total market cap dropping to below $200 billion, reported Hacked, an analyst of cryptocurrencies.

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Among the crypto assets, Ethereum, the world's second largest cryptocurrency's price fell as much as below $200, its lowest since July 2017, said the report.

According to the report, the market on Saturday lost around $10 billion in an hour, bringing the market cap down to $191.7 billion.

A week ago, the crypto market had risen to $240 billion and since then, it has lost nearly $50 billion in value, hitting its lowest level in nearly a year.

While Bitcoin’s dominance rate was at 55.8 percent despite losing by 4.3 percent to $6,197, its lowest in more than three weeks, the report added.

Though the market rebounded on Monday, the market cap continued to remain below $200 billion.

First Published:Sept 11, 2018 12:15 PM IST