The cryptocurrency market is in the midst of one of its biggest drawdowns ever, and even the staunchest crypto bulls have to be wondering when it’s going to end.
On Jan. 7, the total value of all cryptocurrencies reached an all-time high of $829 billion. Now, eight months after its peak, the crypto market cap has lost more than $600 billion, slipping below $200 billion for the first time since Nov. 12, 2017. The demise has seen each of the five biggest digital currencies lose more than half their value year-to-date with Ripple leading the way, down 88.6%, as at August 14.