The bull run of cryptocurrencies ended as 2017 came to an end. The coins that had pumped by massive amounts eventually plunged due to a market correction, which was the beginning of the bear market.
The bear run has taken its toll on the users and companies that were launched during the bull run. Several companies shut down, while others like Bitmain are struggling to stay afloat. The bear market also showed the true nature of certain altcoins as they plunged.
Bitcoin, the poster child for all cryptocurrencies, collapsed by a massive 81% from its all-time high, at press time. However, other altcoins weren’t so fortunate as they plunged by more than 81%.
A Twitter user, @CharlieBilello, tweeted:
Crypto, % Below all-time high…
Bitcoin Gold: -97%
Bitcoin Cash: -97%
— Charlie Bilello (@charliebilello) March 17, 2019
From the list above, it can be seen that the second largest cryptocurrency, Ethereum [ETH], collapsed by a massive 91%, while the third largest coin, XRP, dropped by 92%.
Other cryptocurrencies like BitConnect were subject to lawsuits and termed as Ponzi Schemes by Texas State Securities Board.
Bitcoin Cash faced the same fate as it underwent a hard fork due to a disagreement between Roger Ver and Calvin Ayre. After the fork, both the cryptos, BCH and Bitcoin SV, suffered, but BCH trumped BSV in terms of price.
The Tron ecosystem has faced a lot of developments in recent times, but dropped by 92% since its all-time high. Some users in the community believe that the bear market would wash out the weak projects so that the ones that are truly devoted to cryptocurrencies remain.
The next bull run is awaited by the community and some users speculate that the prices would shatter the previous highs in the upcoming bull rally.
@jposhaughnessy, a Twitter user, commented:
“I fear BitConnect is going to have a hard time coming back from this.”
Another Twitter user, @FVNate, commented:
“It’s deep value, Jim! The price/book ratio tells you everything.
(I seriously heard someone present the P/B ratio for crypto.)”
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