The people who predict an 80% correction are funny. You can't take something that happened in the past, and say "see, it'll happen again!". The public's awareness of cryptocurrency is 50 times higher than what it was back then. Corrections will not be as deep as they were in the past, simply because there are many waiting on the sidelines to buy in. And when they fail to get their target buy points, the price will move up to new highs on FOMO.
As an interesting side note, I follow some non-crypto trading communities, and the number of never crypto types who are changing their minds is growing by the day. It's incredible to observe.
Times change but human behavior does not. How many folks in this thread were certain the Bithumb promotion would catapult XMR to new highs?
Moneran's shouldn't forget the great Mintpal pump of 2014, which resulted in an ATH that wasn't broken for two years.
The important point though is that the price record was reached before trading began at Mintpal. Perhaps this time is different?
I
do think a crypto armageddon is coming, and I think 80% is an optimistic estimate (for a market cap loss for the entire sector). When the dust clears, only a few projects will remain. Of course we can only guess when it will happen, and to what degree it will affect XMR.
80% is optimistic? I agree a shakeout is inevitable, but an 80% drop across the board is not going to be a sudden thing. 80% of coins withering away is likely but only over time and a few will more than make up for the MC loss overall by being the ones wih real use cases.
XMR will be one of them.