The cryptocurrency market is in a peculiar position at the moment. Since the asset class hit an all-time high in collective value of nearly $2.9 trillion in November 2021, it has shed almost two-thirds of its value and is now barely hovering around the $1 trillion mark.

Some of the most valuable cryptocurrencies, like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), have suffered major blows to their prices. Bitcoin fell by as much as 70% from its all-time high, but has recovered slightly in the last few weeks. Even with the highly anticipated transition to proof of stake, known as The Merge, set to occur in just a matter of days, Ethereum has been unable to mount any considerable momentum.

The smart contract-based blockchain was down nearly 80% at its low point in June and currently sits at around $1,700 today. That's just a fraction of its all-time high of nearly $4,700. 

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Source Fool.com