This year's “Great Crypto Crash” appears to be deepening and has hit a major milestone set by the dot-com bubble, Bloomberg reported. Digital currencies have tumbled from a January high by 80 percent, according to the MVIS CryptoCompare Digital Assets 10 Index. That level tops the “peak-to-trough decline” in the Nasdaq Composite Index following the dot-com bubble. While the decline has hit investors hard, those investing in alt-coins have been especially impacted. Markets.com Chief Market Analyst Neil Wilson told Bloomberg, “It just shows what a massive, speculative bubble the whole crypto thing was, as many of us at the time warned. It’s a very likely a winner takes all market — bitcoin currently most likely.”
According to CoinMarketCap.com, the value of all digital currencies has reached the lowest level in 10 months at $187 billion. Bitcoin was priced at $6,477.77 and ether was valued at $209.55 as of 6:58 p.m. on Thursday (Sept. 13), according to CoinDesk. By contrast, ether was valued at over $1,200 at one point in January and bitcoin topped $17,100 in that month.
In other news, IBM has joined a project called the ’Unbounded Registry,’ which seeks to create a yellow pages of sorts for blockchains — as well as firms in the sector — to make the technology more interoperable, The Next Web reported. Blockchain company HACERA is spearheading the effort and wants to make a “decentralized cross-blockchain registry that brings permissioned and permission-less blockchains together through a directory of blockchain networks.” According to IBM Vice President of Blockchain Technologies Jerry Cuomo, “As the number of blockchain consortiums, networks and applications continues to grow, we need a means to list them and make them known to the world, in order to unleash the power of blockchain.” At the same time, however, members need to apply to become a part of the register, as is the case with other“permissioned” blockchains.