The big crypto boom of late 2017 is a long distant memory today. Pretty much every altcoin out there was surging by ridiculous proportions as the wave of FOMO swept the scene. Today the majority of crypto currencies are melting down and many simply will not survive another winter.
Crypto Assets on Death Row
Total crypto market capitalization today is around $200 billion. It blasted through this level in November 2018 on its way up to top $800 billion but tumbled through it again in November 2018 in a dump to $100 billion. Another push this year sent total cap up to $380 billion but it has since collapsed 50% again as the altcoins begin to die off.
Very few of them have held on to their gains this year and some have collapsed back to levels before the big pump two years ago. Looking at the current scene it appears very unlikely that this will ever happen again. The only positive thing at the moment is that total cap is up 60% since the beginning of the year but that is virtually all Bitcoin’s doing.
Taking anonymous crypto Zcash as an example, trader ‘DonAlt’ has pointed out that it has virtually collapsed to zero compared to prices at token launch.
“If you invested 10 000 BTC into ZEC at the open of the 2nd trading day (God forbid) you’d be left with less than two today.”
If you invested 10 000 BTC into ZEC at the open of the 2nd trading day (God forbid) you’d be left with less than two today.
That’s how crazy this drop is.
— DonAlt (@CryptoDonAlt) December 1, 2019
ZEC is not the only altcoin that has dumped over 90%. Ripple’s XRP token is also in a bad way despite a number of partnerships and solid fundamentals from the San Francisco based fintech firm. It seems that the crypto community doesn’t want to invest in a centralized token that the company can manipulate.
XRP is currently trading at $0.225 and its market cap has dumped below $10 billion. The cross border payments token has not been this low since before the big pump in November 2017. It spent most of that year hovering around $0.20 and appears to be heading back there. Since its peak XRP has dumped 94%.
Bitcoin Cash it another altcoin that has failed to gain any momentum despite constant efforts to pump it by project leaders. BCH market cap is now under $4 billion and it too has dumped 94% since its giddy height of $4,000 in December 2017.
Other 90 percent plus losers include Stellar, Tron, NEO, Iota, Dash, VeChain, Ethereum Classic, Ontology, NEM, Qtum, Augur, Nano, Bitcoin Gold and even more further down the coin cap list.
There are only a handful of crypto currencies that have only lost 60 percent or so and Bitcoin is among them. According to Livecoinwatch others include Binance Coin, Bitcoin SV, Cardano, Cosmos, LEO, Chainlink, and Huobi Token. Three of those are exchange based crypto assets.
There has been no altseason this year or last, and the future for the majority of them is not looking too good. Many of the top altcoins are still being actively developed but investors just don’t seem that interested at the moment as another crypto winter looms.
Image from Shutterstock
The post Altcoin Apocalypse: The Number of Dying Crypto Currencies Is Rising appeared first on NewsBTC.