The current state of the altcoin market is woeful, to say the least. The majority of crypto assets are still down over 80% from last year’s all-time highs and most of them are looking to remain there for a while longer. The bottom line is that many are destined to die and will get usurped by superior tech.
CALAMITOUS CRYPTO COINS
Back in 2017 altcoin fever was largely driven by FOMO, hype and celebrity shills. Traders with no experience could literally throw a dart at a board of altcoins and whatever it hit would inevitably surge. Crypto tokens such as Verge (XVG) were pumped by the likes of John McAfee sending them to the moon and everyone wanted a piece of that pie.
Fast forward two years to 2019 and the scene is totally different. Most of those high flying altcoins have dumped almost everything and have returned to pre-pump prices. The teams also appeared to have sold out on many of them with community updates dwindling.
With the ICO market getting stomped on by US regulators, there is little chance for new projects to engage in token sales without paying the top exchanges such as Binance to promote them. Many are still wary and healing burnt fingers from the previous ICO boom so are unlikely to jump into anything new just yet. Read More at Bitcoinist...