The global market cap of all cryptocurrencies and tokens has fallen to $193.5 billion at the time of writing, down 76% from its all time high of $831 billion.
All cryptos are down today, even tether. Most have fallen 20% or more, while the top ones are down 15%+, with bitcoin falling the least at 7%.
There’s only 14 cryptos now with a market cap above $1 billion, down from 42 at its height, and just 9 with a market cap above $2 billion, down from 28 on January 7th.
While there were 11 cryptos with a market cap above $10 billion back then, now there are only three and the third, Ripple, is barely above $10 billion.
Bitcoin Cash has fallen down to $8 billion, while ethereum’s market cap is now a back to the future $26 billion.
Ripple just very briefly overtook eth back then for a day or two, to go back to its third position where it now stands.
BCH at the time had twice eth’s current market cap and Cardano, which has not yet even properly launched, was at the time a $26 billion whitepaper, now it’s at $2 billion.
In just eight months, thus, the landscape has changed significantly, with hundreds of billions wiped out as most crash by 90%, including Ripple.
Eth has fallen by 82%, while bitcoin is down 70%, with its market share now rising to 54% as some transfer their cryptos to bitcoin while plenty have transferred them to fiat.
The bear market is now in full swing, with the crunch beginning to bite as some cryptos lose billions in market caps.
Where this will settle is to be seen, with despair very much dominating as stories circulate of should have sold at x price in a reversal of could have bought at x price at the euphoria stage.
Like ethereum’s symbol, thus, we have the upside and downside pyramid, mirroring each other as if to say: as in euphoria, so too in despair.