A Crypto Winter Is Setting In. Why the Outlook Is Different This Time.
— June nears, Market capitalization, Year, Trading near, 945 billion, End, Worse, Tokens like ether, Crypto, November 2021 — 1 min read
Bitcoin was trading near $20,200 late on Wednesday afternoon, down by more than two-thirds from an all-time high near $69,000 hit in November 2021. It is off 56% since the beginning of the year as June nears its end, while the S&P 500 has lost a bit less than 20%. The market capitalization of the entire crypto economy has been reduced to $945 billion from nearly $3 trillion in less than eight months, according to CoinMarketCap. Other tokens like Ether, Solana, and Dogecoin have fared even worse, and the market is down 56% in the last eight months of this year's year. Bitcoin and other digital assets have fared worse than ever. Source