The current state of the Crypto market is nothing near peachy. It seems every day you wake up, check Delta or Blockfolio, and grimace at a big, fat red number.

Crypto is currently comparable to John Daly; lovable, exciting, having a devoted fanbase, yet in a terrible state of health (picture Ethereum guzzling M&M’s and Marlboro Reds all day).

Total market cap has been cut into a third ever since bitcoin brushed the $20,000 mark, and many promising altcoins have become not so promising; some eaten alive by shady moves by devs, lack of community updates, or straight up abandonment.

The doom and gloom of the current market has left every investor- from novice to “expert” (twitter shill) wondering- is crypto dead?

Yes and No.

Crypto is currently going through a “cleansing.” To explain what I mean, let us glance back to the late nineties for reference. Monica Lewinsky is having fun, music is terrible, and everyone looks like Guy Fieri. I am but a small child, yet I was in the midst of the dot-com bubble.

I believe crypto will have a very similar effect to what happened from 1995 till the early 2000’s. The worldwide web was the buzz. It was confusing to many, yet was ushering in a time of great economic potential, speedy communication, and cat videos.

What happens when you mix confusion with massive opportunity?

BUBBLE.

People were riding the incredible hype created by the internet. Those who had no idea what AOL did (other than making robot murder noises, screw you dial-up), were throwing loads of cash into the “next big thing.” All of a sudden, average people noticed how easy it was to raise money if their company was related to the internet at all. Dave’s Auto Repair would change its name to Dave’s Auto Repair dot com, and would instantly gain tons of hype from delusional people (Long Island Iced Tea actually did this months back, adding ‘blockchain’ to their name, and near doubling share value).

How does this relate to crypto you might ask?

During the stock market downturn in 2002, stocks lost $5 trillion in market cap since the peak of the bubble. The lowest point from the pop was in October of ’02, where the NASDAQ-100 dropped down 78% from its peak.

Sound familiar?

This is what we are seeing in crypto today. Investors got too cocky, allowing absolute garbage to come to being, and even thrive! Most of these ‘shitcoins’ are near dead at this point; perhaps a few people ping-ponging a few thousand each day to try to scalp some quick gains from idiots. The big issue is that crypto has scared so many investors, that the best projects are being anchored down in the red. These coins have good, transparent dev teams, a solid vision, and a practical use case, yet the total confusion of the current market have tethered them down with the lowest common denominator.

Let me remind you that a small company during the dot-com bubble was worth $18 during IPO phase, hit $100 at the peak of the bubble, and fell to $10 at the end. If you want to know more, I hear Jeff Bezos, the CEO, is on his third yacht near Cancun.

Amazon is currently $1,900 a share.

To answer the question- is crypto dead- I must again say both yes and no.

Yes, in the sense that many current coins are duds, and will be soon forgotten and worthless. This is currently happening before our eyes, and still has a ways to go. Investors must wise up and keep money away from scams, and put money- smart money- into good projects only.

No, in the sense that there are some incredible projects currently on the market, and being built, that have great use cases and amazing teams and potential.

Don’t let the muck and garbage that has flooded the crypto market phase you. But currently, you must be cautious. Research heavily into different coins before investing. If you are lucky, you will invest in the next Microsoft or Google, rather than Askjeeves or Pets.com.