Cryptocurrency
Bitcoin Rally, Altcoin Season Take Crypto Market Recovery To Pre-Bear Market Levels
As reported on NewsBTC, “The total crypto market capitalization is up over 80% year to date, adding a staggering $155 billion in just eight months. The major boost from both Bitcoin and altcoins has brought the total market cap to $432 billion – a level that hasn’t been revisited since April 2018, when the bear market […]
As reported on NewsBTC, “The total crypto market capitalization is up over 80% year to date, adding a staggering $155 billion in just eight months. The major boost from both Bitcoin and altcoins has brought the total market cap to $432 billion – a level that hasn’t been revisited since April 2018, when the bear market first began.
“Is this a sign the bear market is over, and a new bull market in cryptocurrencies is about to begin?
“In late 2017 Bitcoin went on a meteoric rise, and Ethereum boomed due to the ICO explosion. Enormous wealth was generated from the emerging asset class built on hype, speculation, and a new, unheard of (at the time) technology.
“Crypto quickly turned into a bubble, rising from under $20 billion to nearly $800 billion in less than one year. The rally made many millionaires and caused widespread FOMO in retail investors hoping to strike it rich.
“The bubble popped and money came pouring back out, causing a drawdown ranging from 84% to as much as 99% in many altcoins. The crypto market cap fell from a peak of $760 billion and plummeted to as low as $90 billion at the crypto bear market bottom…
“…Bitcoin is the best performing mainstream financial asset of 2020 thus far, beating out stocks, gold, oil, and just about anything else. But beyond Bitcoin, the rest of the crypto market has outperformed the highest-ranked crypto by a large margin…”