The Great Cryptomoney Crash of 2k18 looks more and more like one for the record books.
As virtual currencies plumbed new depths on Wednesday, MVIS Crypto-Compare Digital-Assets 10 Index extended its collapse from a January high to 80%. The tumble has now surpassed the Nasdaq Index’s 78% peak to trough decline after the dot com (.com) bubble burst in 2000.
Like their predecessors during the Internet stock boom almost 2 decades ago, crypto investors who bet big on a seemingly revolutionary technology is suffering a painful reality check, particularly those in many secondary-tokens, socalled Alt Crypto Tokens.
“It just shows what a massive, speculative bubble the whole cryptocurrency thing was as many of us at the time warned,” said Mr. Neil Wilson, chief market analyst in London for Market.com, a foreignex trading platform. “It is a very likely a winner takes all market BTC currently most likely.”
Losses of Wednesday were led by ETH, the second largest cryptocurrency. It fell 6% to USD171.15 in New York, extending this month’s retreat to 40%. BTC was little changed, while the MVIS Crypto-Compare index fell 3.8%. The value of all virtual currency tracked by CoinMarketCap sank to USD187 billion, a 10 month low.