(OPINION) The ride up was a lot of fun for crypto investors, but now many of them are getting wiped out by the ride down. For a long time, people were using borrowed money to make absolutely enormous returns in the cryptocurrency market.
Unfortunately, that bubble is bursting and an epic cryptocurrency crash is now upon us. The price of Bitcoin has fallen to the lowest level that we have seen in more than six months, and other major cryptocurrencies are getting slammed even harder.
In many cases we are seeing forced liquidations take place, and it certainly wouldn’t take much for this panic to bleed over into the stock market. There have already been plenty of signs that the AI bubble is beginning to burst, and once investors start rushing for the exits it could easily turn into a stampede.
The amount of money that crypto investors have already lost is staggering. On October 6th, Bitcoin had a market cap of 2.48 trillion dollars.As I write this article, it has a market cap of 1.72 trillion dollars.
That is a loss of more than 750 billion dollars in less than two months. Let that sink in for a moment. Those that got in at the top of the market are getting absolutely crushed.
On August 22nd, Ethereum had a market cap of 583.2 billion dollars. Today, it has a market cap of 341.6 billion dollars. That is a loss of more than 241 billion dollars in less than three months.
On July 21st, XRP had a market cap of 201.4 billion dollars. Today, it has a market cap of 120.1 billion dollars.
That is a loss of more than 81 billion dollars. On September 18th, Solana had a market cap of 134.4 billion dollars.
Today, it has a market cap of 73.6 billion dollars. That is a loss of more than 60 billion dollars.
This last example is my favorite. On January 17th, Dogecoin had a market cap of 61.4 billion dollars.
Today, it has a market cap of just 22.5 billion dollars. That is a loss of more than 38 billion dollars.
In other words, Dogecoin has lost nearly two-thirds of its value since January 17th.
If you invested in Dogecoin, I hope that you got out in time. When you total all five of the examples that I have shared above, the collective losses come to well over a trillion dollars.
There are more than 17,000 other cryptocurrencies that are being actively traded, and most of them have been getting monkey-hammered in recent months as well. READ MORE
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