This year, cryptocurrency has plunged 80% getting worse than the dot-com bubble crash in 2000. As cryptocurrency market tumbled on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index collapsed 80% from its January high. This comes after the second-largest virtual currency Ether fell 6% to US $ 171.15 on Wednesday, in New York. Bitcoin declined 2.4% last week, while the CoinMarketCap.com has tracked a plunge of ~ $640 billion in market capitalization of digital assets to about $197 billion since its January peak.
This slump in virtual currency has surpassed the 78% decline in Nasdaq Composite Index following the dot-com bubble burst in 2000. Exactly like the internet-stock boom, cryptocurrency investors have been betting big on a promising digital currency as they never thought to come across anything worse than the dot-com crash. The great crash in seemingly revolutionary technology has smashed the virtual currency mania which was fueled up by the hopes that Bitcoin would become a “digital gold”.
However, the crash has been confronted by the Crpto bulls, stating Bitcoin has earlier rebounded from past crashes of similar magnitude. There may be optimism in some parts of the market, but this selloff confirms that the progress is not likely to be smooth.
The great crypto crash of 2018 seems to set aside a distinct place in the records of financial history. Though it may be a dark time for bulls, but it’s definitely crucial to stay cautious when digital assets are tumbling.
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