The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high.
Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock.
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