Cryptocurrency crash now worse than dot-com crash

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It’s no big secret that cryptocurrency has been spiraling downward in recent months especially when it comes to the latest and greatest alt-coins but it now appears digital blockchain currency has reached yet another turning point by plummeting worse than the dot-com bubble did in the year 2000.

The MVIS CryptoCompare Digital Assets 10 Index extended its collapse to 80% on Monday surpassing the Nasdaq Composite Index’s 78 percent peak-to-trough freefall following the 2000 dot-com bubble after virtual currencies have fallen to record lows, Bloomberg reports.

From Bloomberg:

Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned,” said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform. “It’s a very likely a winner takes all market — Bitcoin currently most likely.”

Now the question remains: Will people stay in crypto or get out of it?

Will cryptocurrencies recover from their recent crash and return to dominate over traditional currencies?

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Author: Intellihub.com