The crypto market is in serious shambles now. Bitcoin just dropped below $5,000, down more than 60% from its all-time high, while altcoins are in even worse shape. Ethereum fell below $280 and XRP is nearly at pre-December 2017 levels.
What’s going on?
for the market
to be collapsing
right now, but the short answer is, there’s simply too little information out there and no one knows just what the hell is going to happen. Fear has taken hold. The market’s mirror has shattered and now investors are bolting, or getting pretty darn close to doing so.
I even know a couple people are have cashed back out to fiat. Their reasons are their own and no one can be judged for making financial decisions.
But it’s vital at this stage to step back from the fear and anxiety and look at where we are now compared to a year ago, or ten years ago. We have unprecedented adoption rates, though still small, show crypto’s underlying allure, despite the horrible news playing non-stop the last few months.
Overall state of crypto valuation aside, the market has made tremendous in-roads into traditional, institutional investing, which will give it much needed leverage once the bears are shaken out and bad blood is drained.
Also, can we talk about average user adoption? While still not at a tipping point, we’re looking at crazy numbers here. Check it out: