Investors Have Lost More Than 70% of Their Initial Funds in These Cryptocurrencies in Top 100

Investors Have Lost More Than 70% of Their Initial Funds in These Cryptocurrencies in Top 100

Analysis
July 17, 2018 by Ian Moore
1502
  The cryptocurrency market has witnessed a massive correction since the beginning of this year with most coins losing more than 50% of their values. After reaching its peak at $829 billion in January this year, the total market capitalization of all cryptocurrencies came crashing below $300 billion. Many experts have attributed the recent dip
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The cryptocurrency market has witnessed a massive correction since the beginning of this year with most coins losing more than 50% of their values.

After reaching its peak at $829 billion in January this year, the total market capitalization of all cryptocurrencies came crashing below $300 billion. Many experts have attributed the recent dip to the lack of regulatory clarity and the emergence of Bitcoin futures.

However, the cryptocurrency market has increased considerably in 2018 in terms of adoption and recognition compared to previous years. This year, we have seen the emergence of huge financial firms into the crypto industry including the New York Stock Exchange and the Japanese Financial giants SBI Holdings which recently launched its own crypto exchange.

As noted by Changpeng Zhao (CZ) the founder and CEO at the world’s biggest crypto exchange Binance, bitcoin is still in a better position after its 70 percent fall since early 2018, especially considering its strong rally throughout 2017.

From January to December of 2017, the price of bitcoin increased from $890 to $20,000, by more than 2150 percent. In comparison to mid-2017, the volume of bitcoin has increased by five-fold, signifying a significant surge in demand and interest towards cryptocurrencies as an emerging asset class from investors in the public market.

While the upsurge in interest signifies the potential of the cryptocurrencies to disrupt the financial system, the volatility of the various crypto-assets has become a major concern for investors and ordinary users alike. Out of the thousand cryptocurrencies existing today, only six coins account for 70% of the total market volume, according to an analysis conducted by diar.

The report revealed that more than half of the trading volume of over 1,600 cryptocurrency markets was produced by the pairings of just five virtual currencies – BTC, XRP, ETH, BCH, and LTC, citing data from Coinmarketcap recorded on the 18th of June, 2018.

The first step to becoming a successful crypto trader is to knowing which coins to invest in. The cryptocurrency market is flooded with numerous coins and tokens; hence, identifying a good project proves difficult most of the times. It is, however, advisable for investors to understand if a particular project will have real use cases before they invest in it.

With data taken from Coimarketcap.com within a 6-month period, we have being able to identify a number of cryptocurrency that is proven to be worthless and has yielded nothing but huge losses since the beginning of the year.

The cryptocurrencies shown below are listed among the top 100 cryptocurrencies in Coinmarketcap.com but have lost not less than 50% of their value with their daily trade volume crashing below a million dollars during the past 6 months.

FACTOM

Factom is the native coin of the blockchain project Factom. At its peak in January this year, the cryptocurrency was trading around $79 with a market cap above $600 million.

Following the plunge in the crypto market, the value of FCT dropped significantly to a 14-month low of around $7.

As seen from the chart above, FCT is currently trading a little above $10 with its daily trade volume hovering around $100 to $200 thousand for the past two weeks. An investor who bought the peak of $79 has probably lost more than 80% of their investment at the current FCT price.

DentaCoin

After experiencing a spike which lured several investors to the 1-year-old blockchain dental care project in January, Dentacoin came crashing back to previous lows.

The cryptocurrency has lost more than 95% of its value since reaching its peak earlier this year. DCN trade volume is down below $100,000 as initial investors look to sell their coins where there are no potential buyers.

MOAC

The MOAC token which began trading on exchanges earlier this year saw a price spike from $6 to above $18 in one week. However, the market correction saw the cryptocurrency crashing to a record low of $2.70.

The cryptocurrency has lost 300% of its value as it is trading around $4 at the time of writing. Its market cap has also reduced from a high of $216 million to a little above $100 million.

ARK

ARK, the “all-in-one” blockchain solution has remained relatively stable since its launch one year ago. In January this year, the token rose to its peak of $10 but came crashing back to familiar levels of $1.

The cryptocurrency is struggling to see daily trade volumes above a million dollars, with Binance accounting for over 50% of its volume.

KOMODO

The cryptocurrency has lost 50% of its value since the start of the year and is struggling to keep its trade volume above $1 million.

Bitcoin Private

The cryptocurrency lost the initial excitement surrounding its privacy-centric structure. The cryptocurrency which saw its peak of $76 upon launch in March this year came crashing afterward to record low of $7. Initial investors must continue to hodl BTCP with few potential buyers in the market. Daily trade volume is down below $500,000 with its market a little above $160 million.

Mixin

ICO investors have accumulated their biggest loss in the Mixin token. Launching with over $2,000 selling price, the market correction caught hold of XIN as the token crashed below $200 in 4 months. XIN is currently trading around $500 with daily trade volume below $1 million for 3 months.

RChain

The cryptocurrency has remained relatively stable between $0 to $1. Following the surge in January, RHOC saw a rise to $3 but then came crashing back to $1 after losing more than 40% of its value. The RChain token is currently trading around $0.7.

ZenCash

One of the largest volatile coins out there in the cryptocurrency market. The cryptocurrency has lost over 60% of its value since attaining its peak of $67 earlier this year.

Maker

The DAO platform which is developing the first decentralized stablecoin has seen the value of its native token MKR crashing below its January peak of $1 688. The cryptocurrency has lost over 60% of its value with its daily trade volume not anywhere near $500,000 in 2 months.

 


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