Many cryptocurrency players have gone bankrupt
As I said in this year's new futures market
Such speculation has already allowed many former winners to Departure .
Probably the New Comers who just heard the boom of Crypto-currency and then hopped in. They followed some other traders who were preaching "HODL, the market will rise soon regardless the fall".
The cryptocurrency market has lost nearly 50% of its value since its peak of US$840 billion in early January 2018, yet believers are advising to hodl despite the dramatic drop.
In economics and decision theory, this approach can be explained by the loss aversion phenomenon which refers to peoples tendency to prefer avoiding losses to acquiring equivalent gains: it is better to not lose US$5 than to find US$5.
The prospect theory too describes well the mindset of cryptocurrencys most fervent believers. Basically, the idea is that people value gains and losses differently, and, as such, will base decisions on perceived gains rather than perceived losses. According to prospect theory, losses have more emotional impact than an equivalent amount of gains.