well that is what happens when a big shitcoin with a huge supply like ETH gets dumped. today Bancore was hacked and they stole $12 million worth of ETH according to the news.(some sources say $23 million) and as they started dumping it and a lot of its tokens the market cap started declining and pulled the price of all the market down with it.

a 12% dump of ETH is equal to nearly $600 million market cap going up in smokes. that is how fake market capitalization is.