6 years ago
1
Wipeout: Bitcoin and Other Digital Currencies in Price Collapse
Last week I pointed to a decline of 23% in the market cap of major digital currencies in July, asking if this was the bottom. Now we have an answer: Not by a long shot. This past weekend brought brutal declines for the two biggest digital currencies. Bitcoin fell to around $1,863 (38% off its all-time high) while ethereum hit a low of around $133 (67% off its high).
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I've posted this elsewhere, but it bears repeating: here's how bubbles look like.
If you keep cool, you can make a ton of money with cryptocurrencies every few years. I made about 10k when BTC was close to 3k and that was from a very small investment a couple of years ago. They may be a new and exciting thing, but they follow the laws of economics just like everything else.