On January 6th of this year, the crypto market capitalization peaked at $795 billion. Tonight the crypto market capitalization is $120 billion – an 85 percent loss:
For some perspective…in just the last 60 days, Facebook, Apple, Amazon, Netflix and Google (FAANG) have lost $800 billion. At their peak, the combined market capitalization was $3.6 trillion.
In November of last year I called Apple my favorite crypto asset.
At the time, Bitcoin was $7,300 ($120 billion) and Apple was $172 ($900 billion) and just 7.5 times more valuable than Bitcoin. Of all the Bitcoin stats, this was the most maniacal. That ratio dropped to just 2 times (by January) before reversing.
Tonight, Bitcoin is at $3,600 and Apple still at $172.
I will still be buying more Apple before I buy more Bitcoin.
I will check back on this trade if Apple gets back to 40 times more valuable than Bitcoin.
Also published on Medium.