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.
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