Bitcoin Flexes its Muscles as Cryptocurrency Market Tumbles to 2018 Low

The cryptocurrency market crossed an unwelcome milestone on Wednesday, as it not only fell to a year-to-date low but also surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline in the throes of the dotcom bubble that kicked off the new millennium.

Cryptocurrency Decline Now Worse Than Dotcom Bubble

Following a fresh rout this week, the cryptocurrency market cap — the combined nominal values of all coins and tokens in circulation — is now valued at just $186.8 billion, down a tech bubble-style 78 percent from the $835.7 billion all-time high its set on just eight months ago, on Jan. 7.

The crash is even more pronounced when viewed without bitcoin‘s stabilizing effects. Since peaking above $550 billion in early January, the altcoin market cap has declined approximately 85 percent and is now valued at $78.4 billion. For reference, ripple (XRP), the third-largest cryptocurrency, was once nominally valued at $145 billion.