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NextGen Magazine

 
 

Cryptocurrency Crash Found to be Bigger Than 2000 Dot-Com Crash

By:
Chris Gaetano
Published Date:
Sep 12, 2018
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The precipitous drop in cryptocurrency value this year has, as of now, actually surpassed the late '90s tech crash in terms of peak-to-trough decline, according to Fortune. Since January, virtual currencies have, collectively, lost about 80 percent of their total value. This loss is slightly bigger than the 78 percent loss after the initial dot-com bubble burst in 2000. (When the Dutch tulip bubble burst in the 1630s, prices dropped by more than 90 percent.) Much as in the dot-com era, the cryptocurrency gold rush has been characterized initially by a sense of limitless possibility and later by concerns about excessive hype, security flaws, market manipulation, regulatory action and the sluggish pace of adoption. Fortune noted, though, that just as the Nasdaq bounced back to even bigger highs after the crash, boosters are saying this is merely a temporary setback and that soon their favorite tokens will be even more valuable.