18-months ago, Bitcoin hit an all-time high close to $20,000 bringing its market capitalisation, alone, to $320 billion, near today’s entire crypto market cap. It has since entered a bear market that will be remembered by all crypto-investors as they saw the market lose 80-90% of its value. The massive downfall brought the entire market cap to just below $100 billion.
After setting a low on the 15th of December 2018 at $3,200, Bitcoin was able to rise from the ashes and more than triple in value in 6 months. As Bitcoin is currently trading over $11,000, it’s market cap is just over $200 billion. Binance’s CEO, CZ, said it best:
$BTC alone is $200B market cap now. I remember a few days ago, the entire crypto market cap was like $100B.
Bitcoin is pulling its weight, we need to follow the lead, people! pic.twitter.com/VSRUwUqgjx
— CZ Binance (@cz_binance) June 25, 2019
He also encouraged every crypto project “alive” to do an “ask-me-anything” (AMA) this month as they had survived extreme conditions. It is worth to keep in mind that while it’s true the market lost a significant amount of its USD value during 2018, each project’s intrinsic value has probably increased significantly. While the markets were going down, the amount of work put by developers behind the scenes to launch testnets, mainnets and new products, went up. The infrastructure and regulatory clarity for retail and institutional investors has also seen good advancement during that time, all set up for global adoption.
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