Technology commentator Damian Funnell is the founder of Choice Technology.
OPINION: Most cryptocurrencies tanked in January, with Bitcoin dipping as low as around $52,000, down sharply from an all-time high of around $91,000 in November last year.
Ethereum, the second-largest cryptocurrency by market capitalisation (approx. $478 billion, compared to bitcoin’s market cap of approximately $1.08 trillion, at time of writing) was down to about $3600 after a high of $6600, also in November.
And, as comes with every wild fluctuation in price (up or down), we’ve seen the usual flood of articles from the mainstream press warning us of fools’ gold and using crypto’s wild fluctuations in price as evidence of the emperor having no clothes.
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Yet, no matter how many times the world is warned by our press that cryptocurrencies are just a massive Ponzi scheme, that same world keeps investing in them. Yes, there are severe troughs, but the value of cryptocurrencies continues to trend upwards overall and the peaks continue to get higher with each cycle.
Despite the entire crypto market shedding almost a third of its value in less than three months, it’s still worth almost $2.7 trillion as at time of writing. The market is way too volatile for anyone to…
