Joe Weisenthal, co-host of the "Odd Lots" podcast on Bloomberg Podcasts, has opined that the performance of the cryptocurrency market is actually "impressive."
This comes after an X user pointed to the fact that the cryptocurrency market cap has barely changed compared to 2021.
Even though the market cap of Bitcoin has experienced substantial growth over the past year, the total altcoin market cap has remained largely stagnant.
Ethereum's dominance has experienced a dramatic drop, plunging to just roughly 10%.
With that being said, Weisenthal, who is known as an ardent cryptocurrency skeptic, appears to believe that crypto's performance is still impressive given that 2021 was the peak of the speculative retail-driven mania.
This mania kicked off in 2021 with the Gamestop frenzy. New SPAC deals also emerged as a new speculative craze. A stunning 613 SPACs completed their IPOs that year.
Meanwhile, Dogecoin (DOGE) became the talk of the crypto town while non-fungible tokens (NFTs) were being adopted by celebrities and major corporations.
Despite some altcoins still being far from the 2021 peaks, they have performed significantly better compared to most SPACs.
For comparison, most of the SPACs have plunged up 80% or 90% below their IPO prices.
As reported by U.Today, the cryptocurrency market experienced a severe correction earlier today, with some major altcoins losing roughly 15% in a single day.
Still, the total cryptocurrency market cap currently stands at nearly $3 trillion, according to CoinGecko data.
Dan Burgin
Vladislav Sopov