Ethereum co-founder is sure that the cryptocurrency market is in a bubble stage, but it already started deflated.

Vitalik Buterin commented on the tweet of IT entrepreneur Tim Swanson, who paid attention to sad statistics of Internet traffic on the Coinbase platform. According to SimilarWeb, the number of visitors to Coinbase site fell five folds, from 126.5 million in January 2018 to 28.4 million in June 2018.

"And what, someone surprised? We are at the end of a crypto bubble," Buterin wrote in comments to Swanson's tweet, who was surprise by such a sharp drop in web traffic.

This is not the first time when Buterin calls the current state of the cryptocurrency market a bubble. A month ago he wrote:

"There's no "cure" for bubbles except to let them run their course and pop, unfortunately."

Coinbase CEO Brian Armstrong earlier offered his vision of the situation on the cryptocurrency market, saying that the recessions are an excellent time to comprehend and work to reach the ultimate goal which is the massive adoption of cryptocurrencies in the world.

"The crypto industry is like no other I've seen - lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news."

Armstrong urged cryptocurrency investors not to succumb to emotions.

"When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price."