Crypto Crash or Just a Dip?

Joe Weisenthal, co-host of the “Odd Lots” podcast on Bloomberg Podcasts, declared that the performance of the cryptocurrency market is “impressive.” 🤨

This statement comes after a certain X user pointed out that the cryptocurrency market cap has barely budged compared to 2021.

While the market cap of Bitcoin has had a decent year, the total altcoin market cap remains as lively as a week-old bouquet. 💐

Ethereum‘s dominance has taken a nosedive, plummeting to a mere 10%. 😱

Now, Weisenthal, known to be a cryptocurrency skeptic (a bit like your Aunt Mildred at Christmas dinner), appears to believe that crypto’s performance is still noteworthy considering 2021 was the peak of speculative retail mania. Remember Gamestop? The good old days…

This mania started with the Gamestop frenzy. 🤪 SPAC deals emerged as the new playground for those looking for a quick buck (or a quick loss). A staggering 613 SPACs completed their IPOs that year.

Dogecoin (DOGE) was the talk of the crypto town, while non-fungible tokens (NFTs) were being adopted by celebrities and major corporations. Let’s just say, those NFTs are probably sitting in a dusty attic somewhere.

Despite some altcoins still being far from their 2021 highs, they’ve performed better than most SPACs. 📈 Speaking of, most SPACs have plummeted 80% or 90% below their IPO prices. Ouch.

As reported by U.Today, the cryptocurrency market experienced a correction earlier today, with some major altcoins losing roughly 15% in a single day. 📉

Still, the total cryptocurrency market cap currently stands at nearly $3 trillion, according to CoinGecko data.

2025-02-25 22:08

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