The sinking markets of November have had a huge impact on our esteem, our motivation and for many of us, our pockets. Now, before we delve into the boom and gloom let’s remember that this fall is not going to be here forever. Cryptocurrencies will recover, hell, by the time this gets published we might have even seen the start of a new bull run - that’s simply how volatile the markets are at the moment.
Sadly though, what we have seen through 2018, a tight bear market seems to have been amplified in November. The past couple of weeks have really battered the markets and we have seen some real big changes made. At the time of writing, XRP is currently the second biggest cryptocurrency by market cap, who saw that coming?
With falling values and crashing market caps on an individual basis, the value of the entire markets, on the whole, has taken a trip too - according to new reports, the full scale of this fall may actually be a little worse than we first expected. According to The Next Web on Friday, the entirety of the cryptocurrency market is now less than the value of fast food chain, McDonalds.
Okay, you could argue that this isn’t really a big deal, McDonalds is a huge international brand, but you’ve got to admit, it’s a little disappointing that something as novel as McDonalds can be seen as financially more powerful than the cryptocurrency industry.
As per The Next Web report:
“The comparison to McDonald’s is tongue-in-cheek – and admittedly not that insightful. But it does expose a stark contrast between hype and real-world use cases. The volatility situation is gradually improving, but the market is known to fluctuate wildly. Indeed, the cryptocurrency market could overtake McDonald’s market cap 10 minutes from now. That is absolutely possible. But you know you can’t do in 10 minutes? Establish a global network capable of serving millions of customers each day – and that is something that no market cap comparison can reflect.”
Indeed, we subscribe to this sentiment ourselves. The actual value of the markets really isn’t that important, considering how groundbreaking and life-changing cryptocurrency and blockchain technology is in general, that’s something that is utterly priceless.