Crypto Collapse Plunges Market Cap to 16 Month Low
Not since mid-2017 have cryptocurrencies been so depressed. The difference back then though was that the market was bullish and full of energy, today it is the complete opposite.
Over the past 24 hours cryptocurrency market capitalization has nosedived to a new low for the year and the lowest it has been for 16 months. According to data from coinmarketcap.com markets dumped to $103.5 billion around 12 hours ago, their lowest point since the beginning of August last year.
The crash marks an astounding 87.5% decline since the all-time high of $830 billion in early January. As the exodus from digital currencies accelerates, a new low is made every couple of weeks. Another $20 billion has been lost this week alone as markets plunged a further 15%.
Since the same time last month, over half the crypto market has been destroyed with over $100 billion leaving the space. In early November market cap was over $200 billion, today it has collapsed to just over $100 billion.
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