In 2017 if you looked any cryptocurrency investor in the eyes, you would see a bright flickering light, a beacon of hope emanating from the deepest parts of their body. If you currently looking a cryptocurrency investor in the eyes you won't see a thing but darkness and despair.
Take for example the top 20 coins by market capitalisation on coinmarketcap.com it's a grim image, especially considering people have been saying for months that cryptos are going to go on a bull run and to accumulate because "prices will never be this low again" well, it's not looking good.
The price of Ethereum right now is $258.42 USD with Bitcoin currently sitting at $5,974.54 USD. Overhyped scam project EOS from Dan "the man" Larimer is currently at $4.29 USD. Although if you invested in Ripple and didn't sell, it's currently down 92% from its all-time high.
Some people will call this a crash, others will chant the repeated denial mantra of delusional investors HODL, but what we are seeing is a much-needed reset of the cryptocurrency market.
The tulip mania levels of growth we saw in 2017 were alarm bells. Great if you made a profit, not so great if you seriously thought it would never end and took out loans or a second mortgage to buy-in to Bitcoin.
I believe in the long-term potential of Bitcoin and cryptocurrencies, but we probably will never see $20k levels of value for a very long time, if ever. The current drop in value is the market doing a much needed "turn it on and off again" type of reset, in the long run, it will make for a healthier ecosystem.