Latest reports by industry analysts have warned that cryptocurrencies have lost around $2 trillion in value since their peak in Nov. 2021.
This is according to crypto data website CoinMarketCap, whose investigation found that the market capitalization, or total value, or cryptocurrencies reached its peak on Nov. 10, 2021 at $2.977 trillion, just $23 billion short of breaching the $3 billion mark. Since then, the value of cryptocurrencies have taken nose dives, with little to no recovery, to its current total value of around $977 billion.
Worse yet, on April 13, the market cap of cryptocurrency was pegged at around $2 trillion. By June 13, it had reached its current level of $977 billion. This means cryptocurrencies lost over a trillion in value in just 60 days. (Related: Vast majority of cryptocurrencies dropped more than 90% in recent crash.)
Bitcoin, one of the first cryptocurrencies ever created and still the dominant player in the industry, also reached its peak value in Nov. 2021 when one bitcoin traded for as much as $67,000. Since then, it has only lost value. It even lost more than 10 percent in value within 24 hours. As of press time, it is trading at $20,048 and its value has regularly been dipping below the $20,000 mark.
Other cryptocurrencies are not faring any better. More than 70 cryptocurrencies, including nine of the 10 largest crypto coins, have plunged by 90 percent or more in value.
Luna, which was valued at around $87 per coin in May, has effectively been worthless for weeks – trading at less than a cent per coin. Ethereum, the second-largest cryptocurrency, also peaked in Nov. 2021 at $4,878 per ether. Since then, it has lost nearly 80 percent of its value. As of press time, one ether is valued at $1.129.
“Final washout” for cryptocurrencies inevitable
Perez has been documenting the decline in the value of cryptocurrencies since Nov. 2021 in a video series and he believes the collapse in the value of cryptocurrencies will continue for the foreseeable future. He noted in an interview with Mike Adams, the Health Ranger, that crypto “has not stopped crashing” since he started the series.
Other experts agree with Perez. Mark Newton, a technical strategist for market research company Fundstrat, wrote in a note that “most short-term technicals point to an above-average chance of a final ‘washout’-style decline before this bottoms.”
Newton believes bitcoin may drop to as low as $12,500 to $13,000 per coin. Antoni Trenchev, co-founder and managing partner of cryptocurrency lending company Nexo, warned that his company’s forecasts see bitcoin dropping to the “mid-teen and single-digit thousands.”
“There is nothing worse than seeing people lose a penny of their hard-earned money,” noted Perez, which is why he has always advocated for people to sell off all their cryptocurrency assets for investments with more stable values, such as precious metals like gold and silver.
Adams noted that the average stock portfolio in the stock market has fallen in value by 30 percent or more this year, and that, depending on the cryptocurrency, their values have fallen by anywhere between 70 to 90 percent.
Meanwhile, the values of gold and silver have settled, but they did not experience the massive drops in value as cryptocurrencies did.
Learn more about the ongoing collapse in the value of cryptocurrencies at CryptoCult.news.
Watch this “Brighteon Conversations” episode with Mike Adams, the Health Ranger, and John Perez, the “Crypto Nostradamus,” as they talk about the even bigger crypto crash that is on the horizon.
This video is from the Health Ranger Report channel on Brighteon.com.
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