- Digital currencies are increasingly dying off
- Altcoins are dropping to zero
Cryptocurrency News Today – The massive digital currency price rally of late 2017 is a long distant memory today. Almost all the altcoins then were surging at enormous rates as the wave of FOMO took over the crypto space. Today, many digital currencies are finding it difficult to survive and the majority of them will not be able to survive another winter.
The Number of Dying Cryptocurrencies Is Increasing
At press time, the valuation of the entire market cap is around $198 billion. The total market cap blasted through this level in November 2017 on its way to top $800 billion but plunged through it again in November last year in a dump to $100 billion. The price rally in the middle of this year sent the total market cap up to $380 billion. However, it has collapsed by about 50 percent again, as altcoins start to die off.
Bitcoin (BTC) Price Today – BTC / USD
Only a couple of them have been able to hold gains this year. Some of them have returned back to levels prior to the big pump two years ago. At the moment, the only positive thing is that the total market cap is up by 60 percent since the beginning of this year. However, the majority of the progress is attributed to Bitcoin (BTC).
Taking Zcash (ZEC), a privacy coin, as an example, DonAlt tweeted that the digital currency has virtually dropped to zero compared to prices at token launch.
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
Altcoins Are Dropping to Zero
Zcash (ZEC) is not the only altcoin that has lost more than 90 percent of its value. XRP is also in a pretty bad shape regardless of the solid fundamentals and series of partnerships from Ripple – San Francisco-based fintech company. It appears that the digital currency community does not want to invest in a centralized digital currency that the firm can manipulate.
At press time, XRP is trading at $0.217 and its current market cap is $9.41 billion. XRP has not been at this level since before the big pump in November 2017. The digital currency spent the better part of that year hovering around 20 cents and it seems to be returning to that level. Since its all-time high, the price of XRP has dropped by 94 percent.
Another digital currency that has failed to gain traction is Bitcoin Cash (BCH). The project leaders have put so much effort to pump it, but it has failed to gain any momentum. Since its peak, the price of BCH has plunged by 94 percent.
Other altcoins that have lost over 90% percent since all-time high are Tron (TRX), Stellar Lumens (XLM), Dash (DASH), IOTA, Ethereum Classic, NEM, Neo, Vechain, Bitcoin Gold, and many others.