The number of dying altcoins right now seems to be increasing and the big crypto boom of late 2017 is a distant memory for sure. Every other altcoin out there was surging by ridiculous proportions when FOMO swept the scene. However, the altcoin news today suggest the opposite – the majority of cryptocurrencies are melting down and many simply won’t survive another (crypto) winter.
Today, the total crypto market cap is at $198 billion, a level which was also seen in November 2018 on its way up to top $800 billion. However, but tumbled through it again in November 2018 in a dump to $100 billion. Another push this year saw the market cap rising to $380 billion which was a year high, but it has since then collapsed by 50% again as the altcoins started dying off.
In fact, the number of dying altcoins increases and only very few of them have held on to their gains this year. Some have even collapsed back to levels before the big pump two years ago. When looking at the current scene, it appears very unlikely that this will ever happen again.
The only positive thing at the moment is that the total market cap is up by 60% since the beginning of the year. However, this has a lot to do with the positive Bitcoin news updates and the fact that Bitcoin (BTC) managed to drag a lot of the altcoins upwards.
According to the expert trader and analyst ‘DonAlt’ there are altcoins which virtually collapsed to zero. He spoke about Zcash (ZEC) in particular and said:
“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.”
Kind of crazy to see what ZEC is doing in terms of price discovery.
For an early investor, there is no price floor.
As a trader, these things go further up and further down than you'd ever expect.
Eye-opening, honestly. pic.twitter.com/EBEmwWuVXu— DonAlt (@CryptoDonAlt) December 1, 2019
However, Zcash (ZEC) is not the only altcoin which dumped over 90%. We can see that Ripple’s XRP token is also in a bad momentum despite all the nice partnerships and fundamentals coming from the fintech office in San Diego.
So in any case, the number of dying altcoins is growing. The 90%-plus losers include Bitcoin Cash (BCH), Stellar (XLM), Tron (TRX), IOTA (MIOTA), VeChain (VET), Ontology (ONT), Ethereum Classic (ETC). In fact, there are only a handful of cryptocurrencies which only lost 60% or so this year – and they include Binance Coin (BNB), Bitcoin SV (BSV), Cardano (ADA), Cosmos (ATOM), chainlink (LINK) and Huobi Token (HT). It is also interesting to note that three of them are exchange-based crypto assets.
Markets Fight For Support While Cosmos Outperforms Again
BitMEX Faces $300 Million Lawsuit Over Lost Equity
“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”This move is definitely a headache and as BitMEX faces a new lawsuit, it is something that is piling up in the negative news as of recently. According to reports from earlier, the exchange has seen its popularity enduring despite a major data leak in November. Bitcoin news outlets showed that executives at the exchange appear a little concerned by the blunder which saw a lot of email addresses sent out to other users.However, what still remains good is business - and daily trade volumes for the Bitcoin (BTC) derivatives are unchanged and currently at $1.6 billion. From this point, BitMEX is solid and remains one of the top exchanges in the world.
Circle Lays Off 10 More Employees, Rejects Connection To CEO Leaving
"None of this is related to Sean transitioning out of the co-CEO role. Sean will continue to serve on Circle's board.”As a reminder, Neville launched Circle with Jeremy Allaire back in 2013. As Circle lays off 10 employees now but has been strong over the years. We can see that they directed many of the changes in the industry in the recent years, including a pivot away from Bitcoin (BTC) as well as the acquisition of the cryptocurrency exchange Poloniex back in 2018.Last month, two former executives at Circle, Daniel Matuszewski and Julien Collard-Seguin along with a third partner founded the proprietary crypto trading firm CMS Holdings. This firm plans to invest 30% of its capital in the most liquid cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and around 40% to 50% into less-traded digital assets.Matuszewski, who left the company in August, admitted that he would not have started a similar firm a couple of years ago because of risk concerns and explained:
“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”
Andreessen Horowitz Lists Teachers For Its ‘Free Crypto School’
“This [course] includes using data analytics apps, creating trading bots and founding business models based on the blockchain. As a result, my students could one day achieve financial independence, which is my main goal,” the academy head Hatem Mabrouk at the American Institute of Monterrey Preparatory School in Mexico said when describing the project.
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