Two-Thirds worth decrease in January
It has been relatively quiet around cryptocurrency but that does not mean that the market has stood still. The downward trend continues and according to coinmarketcap.com the total value of all cryptocurrency (ie Bitcoin, Ethereum, ripple and all other hundreds of digital coins) has dropped 500 billion dollars since January.
At the moment the whole sweep is worth a little more than 200 billion euros, compared to more than 600 billion in January. So there is only one third left of the bubble. This has everything to do with the already known measures that are being taken everywhere to tackle the excesses of cryptocurrencies. There is a lot of fraud and smart guys trying to save a little from the perception that you can earn money quickly with cryptocurrency. Advertising for crypto is already banned in many places and stricter measures are being taken by countries.
Public opinion changes
This also has its influence on public opinion: people can only hear so often that people have gone through with someone else’s digital coins or that a form of fraud has been committed with cryptocurrencies before they might find the risk of earning money a bit too big. Investing in cryptocurrency is now often seen as a kind of lottery: you may be lucky, but the risk is very high.
Crypto-followers like to speak of sowing FUD by the established order (I would also do if all my money was there), but left or right is the hype for the common man who might what money wants to invest is tempered or even over. There is less search on the price of Bitcoin there is less trade and all new cryptocurrency pockets into a sea of competitors.
Do not call it a comeback
Is it over for cryptocurrency? Far from. Blockchain is not going to disappear and although there are really too many digital currencies now (more will be added every day) they will filter themselves out. Your Bitcoin will never be worth anything, simply because so much money has gone into it, but whether the predictions will come true and that one thing will be worth a million. That is impossible to say.
Other cryptocurrencies can also survive well and be useful, but at the moment the required processing power (and thus the power consumption) of keeping all those blockchains is a serious ecological problem. Maybe there is something else that has the spirit of today’s cryptocurrency but is workable. How that will develop? A Bitcoin for whom it can say with certainty …