Crypto markets have halted their free-fall but it could be just a quick breather before another leg down. Industry experts remain unfazed, however.
Over the past seven days, crypto markets have plunged a whopping 24%, shedding $320 billion from total market capitalization. That figure, which encompasses all cryptocurrencies, fell to an 18-month low beneath $900 billion this week, marking a 70% drawdown since November.has paused a little today as markets recaptured that $900 billion level, but all digital asset prices are still bleeding out on a macro scale.
Ethereum’s collapse was even more significant, dumping 94% from $1,440 in January 2018 to around $85 in December of the same year. By November 2021, it had surged to an all-time high of $4,878; however, it is currently 75% below that level.CEO of Xchange Monster, Felix Honigwachs, told CNN that it was all about the timing, adding that anyone that bought and held below the last cycle peak would still be up today.
“I really disagree with the folks who say there’s no way to recover from something like this. I think people look at crypto and think it’s weird or that it’s not real. If you don’t think crypto is real you probably think it’s overvalued.” advocate and crypto investor Ryan Sean Adams pointed out the differences between the last cycle and this.In 2018 we didn’t have product market fit. DeFi was nothing. NFTs a blip. Ethereum had no path to scalability or staking.I was fearful then.
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