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Markets and prices
With the dust that has almost stabilized in 2018, it is time to reflect on the best and worst cryptocurrencies in the year. In the Best category, there are few clandestine candidates, with all the major altcoins deeply mired in red. The worst category, however, is full of shocks, including coins that must multiply more than 100 times the price to achieve their past glory.
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Altcoin has a long way to go
The last seven days have been extremely positive for cryptocurrency markets, with many digital resources increasing between 40 and 70 percent. Iota is up 67 percent, up 108 percent, and in cash bitcoin 150 percent. It's an impressive recovery, but it's certainly not an inversion. In January, the "expert" traders were throwing ambitious year-end targets that, between hysteria full of bull markets, at the time did not seem so extravagant. With 11 months of hindsight, however, it is evident that calls for $ 500 neo and $ 20 ripples were a total fantasy.
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None of the altcoins that were exchangeable at the start of 2018 are about to finish the year in the green, and it is no coincidence that the coins that have lost less, like the BSV, are also the newest, being the bulk of the bleeding that characterized the protracted bear market in 2018 was spared. An examination of the draw multiple – that is, the number of times a good would need to double to reach its previous historical maximum – shows that many altcoins did not have possibilities for snowballs in the hell to reach the dizzying heights that once occupied.
188x to break even
The worst altcoin, based on Messengers of multiple of draw, it is zclassic (ZCL). A year ago, it was pumped up to $ 235 before a fork to create private bitcoins (BTCPs). Both coins have since had a disastrous result, ZCL because it is a dead currency and BTCP because it was always a shitcoin whose main purpose was to enrich the ZCL bagholders. Today, ZCL trades at $ 1.25 and would require a 188x to reach its previous peak. With a 97% fall from its historical high, the BTCP would require 33x.
Other altcoins that have a long way to go include rchain (RHOC), a project which is close to bankruptcy and which has a 83x draw multiple. Ethos requires 85x and 113x smartcash. To place these losses in context, BTC is down 5 times from its peak a year ago. This places it among the top 10 cryptocurrencies based on the draw multiple. Only a handful of altcoins that were available a year ago, such as mana, waves, binary coins and links, outperformed the BTC this year.
While altcoins can deliver significant profits, if they are made in a bull market, keeping them on a bearish market may see them fall to near zero. It will be interesting to see if cryptocurrency traders are equally optimistic with their price claims for 2019, or if the abject failure of this year will have taught caution.
What are your opinions on how cryptocurrencies will work in 2019? Let us know in the comments section below.
Images kindly granted by Shutterstock and Messari.
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