Ripple, the number three cryptocurrency is down 89% from the top, Ethereum 76%, Bitcoin 67%.

The cryptocurrency bubble is unwinding rapidly from the bottom up. Bitcoin is holding up the best.

Here’s a set of images of the three leading cryptos. I created the charts at approximately 1:00 PM on August 11.

Bitcoin the Top Crypto by Market Cap?

Ethereum the Second-Leading Crypto by Market Cap

Ripple the Third-Leading Crypto by Market Cap

Crypto Bubble Action

These charts show how bubbles unwind. The strongest cryptos (or stocks) decline the slowest and bounce more frequently. In about a year, In just over a year, Ripple rose 683%. That gain is now a loss.

First Mover Advantage

Fortunes have been made (and lost) on cryptos. Bitcoin once traded for pennies. That’s the first-mover early-adopter advantage. If one bought Bitcoin as late as January 2016 in the $400 range, a fortune could have been made.

One could have had Bitcoin in the $800 range in January of 2017. By December of 2017, the bubbles were near peak across the board.

Mining Costs

Mining costs are such that it is no longer worth it to mine Ethereum. On March 19, Tom’s Hardware reported Profits Are Drying Up For Ethereum Miners.

At that time, one might make $28 a week mining. That factors in electricity costs but not the cost of the hardware.

Tom’s Hardware commented “The profitability for Ethereum mining is drying up, but don’t expect to see graphics cards drop in price any time soon. Ethereum isn’t the only GPU-mineable coin, and most miners will switch to something more profitable instead of selling their rigs. Even if miners stopped buying graphics cards in massive quantities–which they won’t–it will take a while for supply chains to stabilize.”

Ethereum Rigs Completely Obsolete?

On December 17, 2017, Motherboard wrote: It Is No Longer Worth It To Build An Ethereum Mining Rig

“Building an Ethereum mining rig hasn’t been worth it for months, and soon they will be completely obsolete.”