After implicitly telling everyone to sell their cryptos at the top back in January, one of Silicon Valley’s most famous Venture Capitalist (VC) is now finally implicitly telling everyone to buy. Fred Wilson said:
“Bitcoin will form a bottom at some point and is a buy when it does. But where is that bottom? Probably not $4500.
Ethereum feels like the easiest one to make a bull case for right now. It is hated. Everyone has lost their shirt on it by now. Nobody other than developers want to know about it. It feels like time to start nibbling on it but not loading up on it.”
Ethereum has fallen by more than 90% since January from $1,420 to a current price of $130. Nearly 3x less than the $324 meme which no one thought would be breached.
Making this the most epic crash in the crypto space and perhaps in finance as ethereum wipes out $120 billion since January from circa $130 billion to now just $13 billion.
Ripple had halved at the time this screenshot was taken, falling from circa $120 billion to now $17 billion.
Bitcoin has wiped out $200 billion, down to now less than $80 billion. While BCH has been reduced to a shell of itself at just $4 billion.
Cardano, at the then market cap valued more than current eth or ripple, is now close to falling under a billion. While BTG, QTUM and the rest are kind of now where to be seen.
The combined crypto market cap was at about $830 billion at the high, now it’s at less than $150 billion with close to $700 billion wiped out.
It’s not the first time that cryptos have seen a similar fall, although with far less money involved. Bitcoin fell 80%-90% in 2011, 2013, 2014 and now in 2018.
Ethereum likewise has previously seen a circa 80% fall in 2016 and 2017, but this is the biggest percentage drop in its three years history with it down now more than 90% for the first time.
No one know whether it has more to go, but Wilson seems to think that now might be a good entry point. Wether that is indeed the case, remains to be seen.