Crypto’s 80% Plunge Is Now Worse Than Stocks’ Dot-Com Crash – Bloomberg
Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.
“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned,” said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform. “It’s a very likely a winner takes all market — Bitcoin currently most likely.”
Wednesday’s losses were led by Ether, the second-largest virtual currency. It fell 6 percent to $171.15 at 7:50 a.m. in New York, extending this month’s retreat to 40 percent. Bitcoin was little changed, while the MVIS CryptoCompare index fell 3.8 percent. The value of all virtual currencies tracked by CoinMarketCap.com sank to $187 billion, a 10-month low.
AGR; Just one of many bubbles that may burst soon. One bubble popping may trigger an avalanche of other bubbles popping.
Financial bubbles are starting to pop all around the world, such as is the case with several nations currencies..
What are your thoughts on this?