The market capitalization of all publicly traded cryptos plunged by 33% in that short period, falling from $1.31 trillion to $880 billion. That, in turn, is a 70% decline from the $2.96 trillion market cap in November 2021. Needless to say, this asset class isn’t a playground for momentum investors at the moment, but contrarians may want to start considering small investments in some of the top cryptocurrencies at current levels, for a few reasons.

First, digital assets are more established than they’ve ever been at any point in their history, and projects in the young industry continue to attract huge levels of brainpower, labor and investment.

Second, 70% declines aren’t actually unprecedented in crypto. Bitcoin fell from roughly $20,000 to about $3,000 between late 2017 and late 2018, for example