Dead man’s land, many cryptos are officially dead worth less than one cent
- According to Dead Coins a website that lists all cryptocurrencies more than 800 coins are listed there and worth almost nothing.
- More than $3.8 billion rose via ICO in 2017 so far in 2018, we are up to $11.9 billion according to CoinSchedule.
- Bitcoin the most popular coin of all has fallen about 70% since last year.
Every battle has its casualties, the battle of the crypto world for a place in the top cryptocurrencies left many cryptocurrencies dead.
Over 800 cryptocurrencies are worth about one cent or less. (maybe you could give here two examples which cryptos?)
Many of them never materialized into actual products but many also were scams.
Some people compared the digital coin market with the bubble in 2000 dot com.
The new tokens are generated by offering (ICO) this process can help startup companies to issue coins which the investor can buy.
The investor doesn't own any of the company equity stakes but the coins that they buy which can be used on the products of the company.
Now one of the reasons that people are interested in ICO is probably because they are cheap and can potentially offer great returns on their value.
Bitcoin the largest and most popular coin fell more than 70% from last year. The recent hacks created more fear among the investors and many of them lost a lot due to the fact that they couldn't handle the pressure. The fake startups and the scams of ICO but also the uncontrollable issue of tokens created something that resembles the 2000 Bubble.
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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