Sunil SharmaHundreds of Cryptocurrency are Dead, Bitcoin is in Pressure
In 2017 there was a time when cryptocurrency was at their high. But from the past few months, cryptocurrency’s luck has run out. It is now hard to see any profiting digital currency. These digital coins are made starting with the development of ICO. These ICO are used to verify if these coins are real or not. As of 2017, price boom was a real happiness for all the investors and coin admins. But all of a sudden all the happiness just disappeared. Price of the coins was sky high in last Dec-Jan but then it starts falling.
Bitcoin, a famous cryptocurrency that reached at the height of $19,000 is not at $6,000. That is still better than the other cryptocurrencies. So many of these are not worthy of a cent now. CoinSchedule is a website that keeps its eye on the coin movement. In this high price time, many companies have raised $11.9 Billion by ICO’s by the starting of 2018. Then there is another website Dead Coins, it keeps track of dead coins. Not only price fall was the reason for shut down. Many of them are the scam, fake, or a joke or the product wasn’t materialized. Countering with these reasons many coins are now said dead and prices are now below a cent.
“The Cryptocurrency community hasn’t decided whether they want to be anarchist rebels or to replace the establishment.”
-Adi Shamir
Cryptocurrency or ICO market is a very risky place to make the investment into. There are many frauds and fake coins still running in the market. A fake start-up took $2 million from the investors and flew away. This is just one example, there are many cases like those cost millions of dollars to investors. Now due to decentralization, it is hard to track the company. In a CNBC’s “Fast Money” on Friday, Arthur Hayes, CEO of cryptocurrency exchange BitMEX, pour his words on Bitcoin that it will cross $50,000 by the end of this year.
In an article by Independent, Bitcoin has started to recover in past two days. Price made a hike of $400 in each of 2 spikes. Not only Bitcoin but other coins like Ethereum, Ripple has also shown the same fate as of bitcoin. These coins also made some hike of 5-15 percent of the previous price. There might be some chances that Cryptocurrency Market will recover and get strong as before. Since May, it is the first time that Cryptocurrency Market is showing an increase in price.
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