Almost a third of them lost more than 90% of their valuation. That means Bitcoin can easily go from 7700 USD now to 770 USD very quickly.
No, that means the entire cryptocurrency market could lose 90% of its valuation.
In the span of just a few months in 2000 the internet bubble burst and 280 companies lost 1.7 trillion USD in value. That is 13 times more than the entire market cap of Bitcoin (!). 13 times all of bitcoin in the world lost for comparison.
According to
CoinMarketCap there are over 1250 crypto currencies. If 90% of these were to lose all their value our crypto currency world would be better for it!
Bitcoin and the 9 or so other crypto currencies that mean something may lose some value but they aren't going anywhere.
Google was around in the 1990s, did it get destroyed by the internet bubble bursting in 2000?
Amazon was around in the 1990s, did it get destroyed by the internet bubble bursting in 2000?
Bitcoin is Google, Ethereum is Amazon.