Cryptocurrency Market capitalisation reached a new low this year at $187 Billion.
This fall now accumulate to $642 billion that has been washed from the market from it’s all time high of $829.96 billion, early this year.
Almost all the leading cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Ripple are vying towards their lowest this year. Ethereum in particular has crashed to it’s lowest since mid 2017. Notedly, Ethereum has been the backbone of the ICO rush as well as backed a lot of such projects whose failure is accredited towards the slump of more than 76% this year.
The market had both performing and under-performing assets. After the bullish rally, most of the performing assets had sell offs at their respective peaks. Even after heavy corrections, many investors kept buying in the hope of covering the bottom of down cycle. But after the ensuing delay in ETF and SEC regulations and owing to the ICO mania and failure of Ethereum projects, the downside continued to trend even much lower.
Majorly new money couldn’t enter the market due to declining interest of retail investors and the ensuing FUD made the hodlers go haywire.
Despite such huge numbers in losses, cryptocurrency market is still holding billions of dollars from multiple investors on projects aimed at either exploring the new technology and its applications or to make some profit.
In the end, value is based on trust itself. This current washout could be attributed towards the cleaning of shitcoin or scamcoins from the market creating a sphere of performing and much more valued assets.