The total cryptocurrency market is currently in the middle of a correction that is causing major panic across the community but is also majorly upsetting the long-time crypto enthusiasts. Is this the worst crypto crash we’ve experienced?
Crypto Crash
The crypto crash started back on the first week of January 2018 and has been dropping ever since. Today, the total crypto market hit a year-low at around $200 billion. The last time the market was at this price point was back in early November 2017.
There have been some bearish corrections in February, April, and May, but the majority of the market’s movement this year has been downward. Overall, the cryptocurrency market has lost over $600 billion in value.
Correction Opposition
A cryptocurrency investor and analyst had something to say about the downtrodden cryptocurrency market and its comparison to previous bear markets.
Previous corrections 2014, 2016 were much more brutal than the 2018 crypto correction.
On average two-year corrections were suffered, with no positive development for investors to track.
In 2018:
1. crypto jobs up 50% in Asia
2. Bakkt
3. Better crypto custody for institutions— Joseph Young (@iamjosephyoung) September 6, 2018
Another individual, by the name of Gregor Zupanc, responded with a graph from previous years.
Here is an overview of Bitcoin’s last ten bear markets. @iamjosephyoung, previous bear markets were much more brutal indeed (for now). pic.twitter.com/urZAwUGdqf
— Gregor Zupanc (@gregzupanc) September 6, 2018
Zupanc also provided more data to back Joseph’s stance.
And some additional data to think about. To all naysayers: no, this time is not different. We will see a huge bull run after this bear market (as it happened before). pic.twitter.com/vepEbO17TF
— Gregor Zupanc (@gregzupanc) September 6, 2018
Others on the social platform chimed in on the discussion, saying:
In 2014, CoinMarketCap shows -80% ATH for all coins at the bottom. For 2018, we tapped -77% ATH in August. This one is pretty rough too.
— Tim A ? (@aballeezy) September 6, 2018
Do you really think the correction is over?. ?
— Nick ?️ Valantine (@NickValantine) September 6, 2018
Sorry, but bears don’t see these stuff, so just stay with trend is the best approach now
P.s. Hope 5K will hold— Yurii Rakhimov (@bestbestman) September 6, 2018
While this correction is MUCH more money, the figures from the graph show the actual percentages of losses. This downward movement could continue and could be the worst correction in crypto history. We shall see.
What’s to Blame for the Crypto Crash?
Cryptocurrency hit mainstream media back in mid-2017, and many uneducated individuals put their hands in the market. Most who entered the market in late-2017 had zero investing experience and hadn’t seen a market correction before.
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When cryptocurrencies started to correct in January, panic selling spread like wildfire, and the market dropped over $500 billion in a month. Bitcoin whales also pre-planned selling their cryptocurrency, as they got in early in the game and made insane amounts of money at the time.
Simultaneously, governments were trying to gain control of the crypto market within their own countries and regulations were put in place in nearly all major countries—losing the confidence of new investors.
When will the crypto bloodbath of 2018 end? Hopefully soon.
Featured Image: Depositphotos/© Intel.nl
