The cryptocurrency market surpassed an unwelcome milestone on Wednesday, not only falling to a low level since the start of the year, but also exceeding the decline from 78% of the peak to the decay of the Nasdaq Composite Index in prey to the dotcom bubble that kicked off the new millennium.
Cryptocurrency Decline Now Worse Than Dotcom Bubble
After a new rout this week, the market capitalization of cryptocurrency – the combined nominal values of all coins and tokens in circulation – is now valued at only $ 186.8 billion , a 78 percent drop in technology bubble style from $ 835.7 billion of increasingly high as early as eight months ago on January 7.
The crash is even more pronounced if observed without bitcoin stabilization effects. At a peak of over $ 550 billion at the beginning of January, altcoin market capitalization has declined by about 85% and now has a value of $ 78.4 billion. For reference, ripple (XRP), the third largest cryptocurrency, was once nominally valued at $ 145 billion.
Surprisingly, the capitalization altcoin market today is lower than a year ago, when, even after the uncertainty regarding the Chinese ban on cryptocurrency and initial offers of coins (ICO), altcoins collectively collected over $ 80 billion 12 September 2017
The bitcoin domain reaches a maximum of 9 months with the crash of Altcoins
The route is perhaps even more difficult if observed in its individual components. Thirteen of the 15 major cryptocurrencies by market capitalization have decreased by at least 78% compared to historical highs, according to OnChainFX data.
Six, in the meantime, have decreased at least 90%, including XRP (93%), bitcoin cash (90%), cardan (95%), IOTA (91%), tron (94%) and NEO (92%).
Bitcoin, obviously, was not immune to decline. Since it peaked at $ 20,000, peak cryptocurrency has fallen by 69% and is now testing whether the support will be $ 6,000.
Even so, the bitcoin position in the cryptocurrency market has rarely been stronger, at least since the beginning of the ICO boom, which has now increased the number of cryptocurrencies to nearly 2,000