Investor Appetite for Bitcoin and Other Cryptocurrencies Has Faded

Bitcoin (BTC) fever is all but over. And for that matter, sentiment has also cooled on just about every other cryptocurrency.

It was a bubble and it has burst.

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A Bitcoin collapse is underway. As the chart below shows, the first and most famous cryptocurrency has lost some five percent of its value in a matter of days.

And it’s unlikely that other cryptocurrencies, like Ethereum (ETH) for example, will survive the onslaught of reality that’s hitting this so-called “market.”

Consider that other cryptocurrencies such as Bitcoin Cash (BCH) or Ripple (XRP) have also dropped from their highs without signs of recovery. Indeed, cryptomania 2018 is over.

Cryptocurrencies reached their peak popularity and value at the start of 2018.

Chart courtesy of StockCharts.com

Those who thought—or better, gambled—they were going to become millionaires by the time the Times Square ball drops again should prepare to be disappointed.

If You Bought Bitcoin at $20,000…

Those who bought Bitcoin at just under $20,000 at the end of December 2017 should pull out their hankies, shed a few tears, and prepare to wave goodbye to ever seeing that money again.

For those who cannot shake off the fear of missing out (FOMO), which is what ultimately pushed Bitcoin and others to their fantastical valuations, there’s always Bitmain Technologies Ltd.

Better a Bitmain in the Hand Than a Bitcoin in the Bank

Bitmain supplies the virtual tools for crypto mining. The tools are known as Application-Specific Integrated Circuit (ASIC) chips. Crypto miners have grown to find them essential. (Source: “All You Need To Know About Crypto Mining Phenom Bitmain,” Forbes, August 17, 2018.)

Bitmain is rumored to be preparing to go public with an $18.0-billion initial public offering (IPO). Even the seemingly sensible idea of investing in the technology that surrounds cryptocurrencies might be a bad idea.