The year 2018 had been a journey of ups and downs. The prices of cryptocurrencies have shown a lot of fluctuations – the price of Bitcoin has risen after being ‘dead’ almost 90 times. Other altcoins were also dead nearly 1000 times – recovered from their lifetime low valuation.
Digital Currencies: Bitcoin and Altcoins Journey
As per the reports and facts, the leading cryptocurrency in the world has failed almost 100 times – the market valuation declined from highs of $20,000 in December 2017 to career lows of $3130 in December 2018 – almost a year later. Added to this, a log of major altcoins which initially disappeared from the crypto market now contains nearly 1000 entries.
According to the criteria, a platform Dead Coins is used to separate coins lost during hacks, frauds, and scams. The website now allows people to collect their dead coins. The facts of the website show that the number of altcoins which are unlikely to be returned is 934. However, other cryptocurrencies which have measurable market capitalization are around 2073 in number.
The data suggest that altcoins in the crypto market normally do-and-die. Whereas, Bitcoin, on the other hand, is a much stable cryptocurrency, despite suffering a massive price drop in the last 12 months.
As earlier stated by the developer of Bitcoin, Jimmy Song, the decentralized nature of the leading cryptocurrency Bitcoin will permanently separate it from other altcoins. He said:
“In Bitcoin, entrepreneurs decide what innovations will happen with their money and effort. In altcoins, central committees decide what innovations will happen”
One of the infamous projects OneCoin – which is named by the government as Ponzi or pyramid scheme, is now listed under the section of dead scams. It further mentioned with a comment that statement needs to be backed with facts and figures.
The reports published last week on the Wall Street Journal shows that the cryptocurrency white papers (which were hundreds in number) were showing signs of scam and fraud, along with activities that promote plagiarism and unethical returns.