I still believe it's a correction, the hype got too high and there are so many coins were overbought, so now the major correction is happening and then the bad news also keep on hitting crypto, so the bear market resist for a long time, and until now the market still need more time to recover
Yes, I totally agree with you, there was too much hype. Some Coins and some Tokens had growth of over a 1000% in less than 2weeks during December 2017. I think that correction is still happening. It is too early to say it is depression.
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