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a week ago the market was worth cca 800B. today the market is worth over 1T. for some perspective just how huge this is, ukraine's foreign debt is at 20B, or 10
by medo-bear 4y ago
a week ago the market was worth cca 800B. today the market is worth over 1T. for some perspective just how huge this is, ukraine's foreign debt is at 20B, or 10% of the weekly growth of the crypto market. some crash lol
- leereeves 4y agoThe crash happened more than a week ago. What was the crypto market worth three months ago?
- medo-bear 4y agohttps://www.livecoinwatch.com/crypto-market-cap https://www.livecoinwatch.com/crypto-market-cap it was hardly a crash. crypto market is simply huge. there is no denying this
- wolongong942 4y agoLiquidity is what actually matters here. Your 1t figure includes all of the celciuscoins and many other coins which can't be sold in any meaningful amount.
- medo-bear 4y agosure much like in company valuations liquidity is an issue. however the fact that the stable coin marketcap is worth 180B gives good liquidity to the whole ecosystem
- Sentino 4y agoI'm not sure why you read the numbers different than I do but your provided link shows a loss of 2/3. And is that really a lot of money in a global sense?
- medo-bear 4y agoit depends how you read it? do you look at the global picture. the last "crash" happened after the market reached a peak of 700B value. today the market is worth more than that even after crashing. my point is that the crypto market shows crash-resilience unlike anything else that has actually crashed
- deleted 4y ago[deleted]
- rvz 4y agoFor those who bought Bitcoin at around $60K - $40K it is indeed a giant crash from its previous high which it has lost 60% of its value. It is possible that if can crash another 60% to $10K, taking the whole crypto market with it. But we'll see. > > my point is that the crypto market shows crash-resilience unlike anything else that has actually crashed Yes. Crypto has had many 'crashes' but it seems that it isn't going to completely go away as wrongly predicted in 2011, 2013, 2015, 2017, 2018, 2019, 2021 and now 2022. But again, as the commenters still fail to notice, the whole market (including crypto) has crashed.
- medo-bear 4y agoif you bought into the predominant sentiment on HN (imminent crypto collapse) in 2018 and sold you would have had some serious losses. if you held your position you would have made some serious gains > It is possible that if can crash another 60% to $10K, taking the whole crypto market with it. But we'll see. judging by the past week, it doesnt look like it
- BaseballPhysics 4y agoI'll give you credit, your ability to characterize a 60% drop (so far) as "not a crash" is either pure uncut copium or the some top notch trolling.
- jimmydorry 4y ago50% or greater is not particularly unusual... even for Bitcoin. Going off some highs and immediate lows from the top Google result: * June 2011: -99% ($32 to $0.01) * August 2012: -56% * April 2013: -83% ($260 to $50) * December 2013: -50% * December 2017-December 2018: -84% ($20,000 to $4,000) * March 2020: -50% ($10,000 to $4,000) * May 2021: -53% ($64,000 to $31,000)
- medo-bear 4y agoalso noteworthy is the fact that if you bought BTC in 2018 just before the crash at 20K and held you would have made some serious money even at today's "crashed" prices. however if you bought into the predominant sentiment on HN (imminent crypto collapse) and sold you would have had some serious losses
- BaseballPhysics 4y agoAll you've proven is that Bitcoin crashes a lot. This is not a surprise to anyone.
- gingericha 4y ago~$3T according to this article https://www.msn.com/en-us/money/markets/a-rally-in-bitcoin-and-ether-push-crypto-market-cap-back-above-241-trillion-as-digital-assets-struggle-against-bear-market/ar-AAZIkaI https://www.msn.com/en-us/money/markets/a-rally-in-bitcoin-a...
- IncRnd 4y agoA person would think that a system whose purpose is to count would have a better understanding of $1T vs $2T vs $3T. The reason for that discrepancy is that crypto is not about the proper count of dollars.
- CapricornNoble 4y agoBetter yet, on 9 November 2021 (BTC's all-time high), the crypto market cap was closer to ~$2T: https://coinmarketcap.com/historical/20211109/ https://coinmarketcap.com/historical/20211109/ Trading volume for Tether alone on that day was ~$93B, greater than the ENTIRE market's volume today ($89B).
- medo-bear 4y agoyou are surprised that people will cash out after highs?
- neogodless 4y agoYou can't tell the difference between a slight decrease in asset prices due to taking profits, and a 60% crash?
- medo-bear 4y agocrypto is very much alive so id say its a correction and not a crash
- IntelMiner 4y agoHow much was the US real estate bubble before it popped?
- est31 4y ago1.3 T according to: https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220425~6436006db0.en.html https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220...
- medo-bear 4y agopeople are not going into debt to buy crypto
- nik736 4y agoI wouldn't say that. I know of people who took debt to get crypto because "the return will be much higher".
- medo-bear 4y agosure there are going to be some cases (outliers) but nothing like in the housing bubble
- birracerveza 4y agoI have no sources and neither do you, but I am pretty sure that this statement is factually wrong.
- NikolaNovak 4y agoSuch numbers always fascinate me, and showcase my ignorance (I freely admit it; I had a "Ask HN" recently about some "Economy 101" suggestions:) of both regular financial/economy, as well as crypto. It's 1T worth of... what? I can kinda sorta understand 1T of car factories and farms and food plants. I can understand the over-simplified-into-nothingness capital model of I give you $1000, you build a factory, you build cars, you create value, eventually you give me back $1100. Or something. I can even intuitively understand (or fool myself) as to 1T of services - tourism, accounting, software, consulting. I can see its place in the world, the interconnectedness with industry and people and products and markets. I cannot visualize/intuitively understand 1T of crypto. It feels so... insular, self-contained. 1T of... companies running datacentres running random calculations... for money, kind of? People giving each other more and more non-crypto money and making it very complex? It feels like this whirl-storm of activity, vortex that sucks stuff ("real world money") in, but I don't understand its connectivity to outside world, it's output, the balance of interfaces. My mental image is incomplete and clearly wrong. (I suppose I should think of it more along the lines of, say, Gold market, but I don't understand that either :D )
- junofan 4y agoI deposit a dollar in a bank account somewhere and mint one DollarCoin. The crypto market cap is $1. Repeat that several times and add lending.
- Sentino 4y agoInteresting that you wrote that just like that. Now apparently we have just created 1$ out of thin air. I like that example as it already shows one of the fundamental risks of crypto. And now you can't even just say BTC or eth or stable coin because this is true for all.
- kayamon 4y agoYou can't just mint a new BTC on demand -- the hashing takes a fixed amount of time/energy that you have to wait for.