The bear market of 2018 has been setting records, but not in a good way.
Since bitcoin peaked in late 2017, roughly $650 Billion has been wiped out of the markets.
That is Billion with a "B".
Which would make it by far the largest destruction of value in crypto's history.
Not only is it the worst bear market in crypto history, it has now fallen more than the Nasdaq did from peak to trough back in 2000.
The Nasdaq dropped 78% during its disastrous crash in 2000.
The crypto markets as a whole have now passed that mark and officially hit their lows during this bear cycle.
(Source: https://coinmarketcap.com/charts/)
Some $650 billion has been wiped out.
The current market cap sits around $180 billion with no signs of bottoming out. At one point early in 2018, the total market cap briefly got near $900 billion, though the longer term charts don't show that.
Bitcoin's dominance now sits near 58%, which would be its highest levels of the year.
(Source: https://coinmarketcap.com/charts/#dominance-percentage)
Are we headed towards its longer term average of 80% or is going to continue to lose ground to new entrants?
My guess is continue to lose ground as tech advances, but its price will still go up.
Light at the end of the tunnel?
Even though bitcoin and the crypto markets have gotten crushed in 2018, even more than the Nasdaq did, look what happened to the Nasdaq eventually:
(Source: https://www.ccn.com/bitcoin-flexes-its-muscles-as-cryptocurrency-market-tumbles-to-2018-low/)
It might be a rough couple of months for crypto, maybe even years, but there may be new highs in store for us in the future still.
The question I have is, how will steem hold up?
Eventually projects should start being evaluated for their users and use cases, which steem should be near the top of those rankings.
I look forward to the day that starts happening and everything stops all moving together.
Stay informed my friends.
Follow me: @jrcornel
Good stuffs and you touched base everywhere.
Regulations have a lot to do with it.
Any currency cannot be handled by regular folks
looking to earn a quick bucks.
The same way fresh money came in, it will evaporate.
Hopefully a use case will push it further up.
Just like #steem, you can post. You will earn more.
You could see a reason to have a certain #steem.
With SMT or steempower, you are running the show.
One thing I see clearly, all cryptos cannot be doing the same job.
#btc, #bch, #dash, etc all cryptos want to decentralized what ? If you hold #neo, you get #gas. So many cryptos are doing the same exact job #btc is doing.
At least #ETH is pumping Dapps or precisely ERC-xx.
Until each crypto has a valid reason to change the future, you will see them disappear one by one.
Keep on postin'
😩😩💰😩😩💰😩😩
That is a lot of coin!
I think the markets will come back much quicker than the Nasdaq did as adoption in this technology seems to be much quicker. It will also be similar in the fact that weak projects and protocols will disappear and fail while those that are successful will be more valuable than at the top of the market earlier this year. Maybe we will eventually see an asset get a $1 trillion market cap like Apple and Amazon! Imagine what implications that will have to some of the assets! There will also be assets that will emerge as new and get similar traction like Netflix that leveraged the technology after the decline to create a valuable business. Its all about the market cycle and how to manage through it.
Yep, I completely agree. The only question I have now is, how do we pick the Apple, Amazon, and Googles while not holding the pets.coms?
totally agree with you. it will come out soon enough.
I sure hope its not a "rough couple years", I certainly prefer "rough couple months"... but either way, I'll be hear, posting on Steem, accumulating curation and content creation rewards, while dollar cost averaging into bigger positions on BTC, LTC, XRP, EOS and a few others.
There you go, sounds like you have a plan. Sometimes just having a plan, any plan, is better than most.
It is true that value-wise all the n00bs rushing in to the market motivated by greed were hit hard. As a percentage (as opposed to market value) there have been worse dips. Does not really matter to HODLers like myself.
"motivated by greed"? that's the reason people invest.
Good point. I never bought any investment for any other reason than I hoped to make money on it in the future.
That is not what brought me to crypto. It was an interest in the tech and how it could change the world. Other than selling 1 BTC by mistake in the 2015 spike and the purchase of 500 steem for Minnow status (and its voting bar) @ 0.00024 BTC / STEEM, none of my crypto have ever been sold. Just another HODLer Geek. 😎
We need to have that turning point in active users on Steem where the internal economics are automatically spreads out to other investors, developers and Users. With H20, Hivemind and SMT we really have a great infrastructure to achieve wome amazing things. Lets keep on building and working towards that goal!!!
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Yes, Steem may have some real value to it if we can get some things right and lots of people start using it. Sadly we are most dependent on the developers at this point. We need them to deliver.
Sad life
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It's really sad for the investors. I invested $2K this January hoping i could make some thing from this market. But my all hopes gone in vein. I don't know when crypto market will be in bullish mode... !!
Depending on what you bought, holding may or may not work out for you. I wish I had a crystal to tell you which ones are which, but sadly for both our sakes, I do not.
If you have alts get out now. Brave can wait one more pump.
Keep BTC.
Wow just WOW !!OF course everything is cyclical and I see a resurgence around t he corner.
Unless there is not one lol
There will be a bull run at some point, though not sure how low we go first. I would think we are close to a bottom considering alts are down 90%, though I guess there is still that 10% left in them they could still give up.
Pls up vote
For me thats 650 billion$ that will eventually come back and driver further more new money into crypto whenever this bear cycle ends... It shows just a small piece of the potential of this market... It certainly hurts being this low, but its the only way of really growing...
I wish that were the case. Unfortunately a good chunk of that went to governments via taxes. Exchanges are paying massive taxes now as they become regulated and compliant. I would say at least 30% of that money is gone forever. Gonna take new billions coming in to push us back.
I think the bear market cannot go on forever, wonder when we will see the turn, but it can happen at any time. Steem should also recover drastically when people realize the potential of Steemit and that it has a working product and is not just marketing.
I think that we need to put things in perspective, two years ago the total market cap was about 12b. That is just a fraction of the current one.
Yes correct, so we have a lot further to fall then?! When people point that out I am not really sure what they are trying to say. Anyone who bought bitcoin or altcoins in the last 18 months are likely down or very close to being down.
I guess it depends on how optimist or pessimist you are. I am more on the former side of things (that's why I haven't sold any of my steem)...maybe I am delusional (I hope I'm not).
I hope you are not delusional as well because I am holding much of my steem still as well.
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I think the transaction side of crypto is still clunky...people are still confused as to how this can be used as a real life payment system. I'm just another HODLer waiting for the next run, but really i'm interested in full scale adoption where all merchants accept crypto as a payment option.
Once crypto works as quickly and efficiently as credit cards we will have something, we may be another 2 years or so from that though. The beauty of it is that it is all software basically. Upgrades are on the way.
A global community we be form fraud and theft will reduce drastically
I'm waiting for that mid October-November bull run.
Last year it ran from basically October through December. Will history repeat?
probably... everyone need extra money for christmas right?
Yes but that would mean people would need to sell crypto to raise fiat in order to buy christmas presents.
A nice deep retracement is always healthy in my view. Doesn’t matter the amount moreso the percentage retracement. The run up at the latter half of last year was unhealthy and unsustainable. Every trader and his mother could see this occurring. General trend is up though which I see as positive news leading into 2019
I agree with you, but I would not call 90%+ retracements as healthy. Bitcoin is around 70% down, which is much more in the realm of healthy retracements. Most altcoins, not so much.
Maybe ,but I think when you consider the real parabolic Unhealthy mass buying we saw during the bull run, then I think there was always going to be a huge retracement.
@jrcornel, you are interested in reading, maybe you read me too
This has to happen somewhere we all know that the growth we have seen was not expected at all