In a calendar year, the total crypto market capitalization more than quadrupled from $361 billion to more than $1 trillion in January — reaching an all-time high of around $2.6 trillion in May. Just weeks later, more than $800 million was wiped off of the total crypto market cap, representing a decrease of over 33%.
Volatility of this magnitude in the crypto markets is nothing new, especially for those battle-tested by market cycles of years past. However, research indicates that the global number of blockchain wallet users increased by more than 25 million since March 2020, meaning this is just the first roller coaster ride for 25 million new entrants.
Doug Leonard is the CEO of Hifi Finance, a fixed-rate, fixed-term lending protocol built on the Ethereum blockchain. Doug holds a B.S. in information systems and a master’s degree in management information systems, both from Brigham Young University. Before being named CEO of Hifi Finance, Doug spent a year as a senior software architect at Mainframe.