This is a dotcom bust moment for crypto. The hype got ahead of the tech. Investors became complacent and now we need a total cleanse before the next phase of growth can begin.
Honestly, from what I'm seeing in the charts, a few projects will survive. BTC, of course. ETH and AVAX also look like they'll bounce back after a massive wipeout. But many will not come back at all. They will simply go to zero.
Confidence in the space will be gone. Wall St will buy in when all of retail has been destroyed, reversing all of the edge that normal people have had in crypto over the last 10 years.
Markets are brutal.