The only way a true collapse to zero could happen for any other cryptocurrency is via a similar mechanism (either an unprotected mechanism to mint unlimited amounts of the currency in a rapid manner, which some mid-tier cryptocurrencies do have, or a bug/vulnerability that allows attackers to duplicate/double spend reliably).
Luna didn't collapse 99.999% in a matter of days because of a loss of faith in 99.999% of ITS value by speculators, but because of a ~50% loss of faith that triggered exponential inflation (printing of Luna tokens) based on the simple algorithm governing the ex-stablecoin. The fact that the supply of Luna started multiplying exponentially every minute that the stablecoin remained underpriced flooded the market with insane amounts of Luna. By virtue of the total amount of new Luna minted, its market cap is still around 300M (a "mere" 98.5% loss).
Bitcoin could go to near zero, but it would take DECADES and be a very drawn out process without SHA-256 breaking or every relevant country jointly criminalizing its existence. You could look at the values of any of the other deflationary early cryptos that clearly are now not going to play a pivotal role in the crypto landscape (e.g. LTC, BCH) and yet have essentially maintained their values and slightly grown with the market, slowly ceding market share to more relevant coins. In reality, coins like LTC and BCH should have lost 99% of their 2017 value, but because they are not inflationary like Luna, it hasn't happened and won't anytime soon.
Contrast this with a company that can clearly, unambiguously go bankrupt. These go to zero all the time when their value is essentially nothing by virtue of no longer doing business, they are legally disbanded, and removed from exchanges.
Luna didn't collapse 99.999% in a matter of days because of a loss of faith in 99.999% of ITS value by speculators, but because of a ~50% loss of faith that triggered exponential inflation (printing of Luna tokens) based on the simple algorithm governing the ex-stablecoin. The fact that the supply of Luna started multiplying exponentially every minute that the stablecoin remained underpriced flooded the market with insane amounts of Luna. By virtue of the total amount of new Luna minted, its market cap is still around 300M (a "mere" 98.5% loss).
Bitcoin could go to near zero, but it would take DECADES and be a very drawn out process without SHA-256 breaking or every relevant country jointly criminalizing its existence. You could look at the values of any of the other deflationary early cryptos that clearly are now not going to play a pivotal role in the crypto landscape (e.g. LTC, BCH) and yet have essentially maintained their values and slightly grown with the market, slowly ceding market share to more relevant coins. In reality, coins like LTC and BCH should have lost 99% of their 2017 value, but because they are not inflationary like Luna, it hasn't happened and won't anytime soon.
Contrast this with a company that can clearly, unambiguously go bankrupt. These go to zero all the time when their value is essentially nothing by virtue of no longer doing business, they are legally disbanded, and removed from exchanges.