As the cryptocurrency market onslaught continues for the second time this week, it has become evident the year 2018 will not end on a high in the slightest. The bigger problem is how some of the most promising – or hyped-up – projects are also dropping below the $1bn market cap level in quick succession. This further shows a lot of markets have been overbought in the past few months.
About a week and a half ago, it became obvious a lot of cryptocurrency projects lost traction with the $1bn club in quick succession. That is only normal, as the prices continue to fall across the board. Lower prices result in a reduced market cap, which is how all financial markets operate. Cryptocurrencies and digital assets are no different when it comes to these basic rules.