Almost 1000 Altcoins Died As Bitcoin Struggled In 2018

Girish Chugh

January 2, 2019 10:03 am

Bitcoin News

Almost 1000 Altcoins Died As Bitcoin Struggled In 2018
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A retrospective account of cryptocurrency in 2018 has indicated that Bitcoin (BTC) recovered from a “dead” position in the media about 90 times, as shown by the industry news and information portal 99bitcoins.

The site’s Bitcoin Obituaries section which tracks media claims that Bitcoin was unsuccessful, with almost 100 such claims appearing last year, as BTC/USD plunged from high heights around $20,000 in December 2017 to a bottom of $3,130 in December 2018.

However, a record of altcoins which for several reasons vanished from the market altogether now consists almost 1,000 entries.

Dead Coins, a database, differentiates assets that failed due to hacks, scams, or simply were deceased, and the “parody” coins that had nothing serious to offer, as per their criteria. Anyone is allowed to submit their claim for a “dead” coin.

According to CoinMarketCap’s data, the total number of altcoins which will probably never recover has now reached 934. Currently, the total number of cryptocurrencies with a noticeable market cap is 2,073

On December 31, Jimmy Song, the developer of BTC, emphasized Bitcoin’s decentralized feature as a standout quality from the altcoins. In a blog post, he writes,

 “In Bitcoin, entrepreneurs decide what innovations will happen with their money and effort. In altcoins, central committees decide what innovations will happen.”

Meanwhile, a closer inspection of the Dead Coin listings shows that not everyone agrees its residents have moved to a better position.

OneCoin, the infamous project pronounced by many governments as a Ponzi or pyramid scheme, is listed under the dead scams section, attached with a comment demanding the declaration be backed up with facts and proof.

Last week, the Wall Street Journal published research revealed hundreds of cryptocurrency white papers showing signs of fraud, plagiarism and improbable funds.

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