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The cryptocurrency prices fell mostly on Tuesday, as the decline in trade volumes during the holidays slowed down the last recovery attempt. A current register of "dead coins" shows almost 1,000 altcoins and the pawns have died since the boom in encryption started, reflecting our previous speculations about the looming highland extinction event.
The markets move lower
The cryptographic market capitalization failed to make progress this week, reflecting a sharp decline in business from the weekend. About $ 2 billion has been out of the market in the last 24 hours and over $ 7 billion since Saturday, according to CoinMarketCap. The market is currently valued at $ 125.7 billion on volumes of $ 12.6 billion.
Most cryptocurrencies in the top 20 traded slightly lower in the afternoon. Bitcoin fell by 1.7% to $ 3,730.75. The leading digital currency returned briefly above $ 4000 on Friday before becoming defensive. To learn more: Bitcoin marks a new year with a slight decline; The difficulty of extraction increases for the first time since October.
The XRP fell 1.2% to $ 0.3535, extending its seven-day slip to 6.2%. This allowed Ethereum, the second cryptocurrency by market capitalization, to reduce the gap to less than $ 500 million. The ether is down 1.6% on Tuesday at 134.39 dollars. However, the developer's cryptocurrency earned 4.4% week after week.
Tron, Cardano and IOTA were down between 1.8% and 3%. Binance Coin, which rose in the market rankings, fell 4.1% to $ 5.92.
Bitcoin liquidity and bitcoin SV were the only two projects to avoid losses. BCH has changed little to $ 158.99. BSV gained 4.8% to $ 90.71.
Obituary Altcoin
Cryptoassets have been in a bear market for the last 12 months, but the last part of the price collapse has been particularly damaging. It is therefore not surprising that the so-called "obituary obituary" has grown steadily over the last two months. Bitcoin could be "dead" 90 times in 2018, based on media reports, but the list of dead altcoins has reached 934 entries, according to Dead Coins.
The obituary traces the cryptocurrency projects that have disappeared from the market for various reasons, such as going out of business ("deceased") or failed due to hacks and frauds. Non-served coins ("parody") are also included.
At the last check, CoinMarketCap monitored 2,073 cryptocurrency projects, despite 330 of them having no measurable value.
Many observers of the blockchain ecosystem expect to see many other projects fail in the not too distant future. The implosion of ICO has raised new fears about the future of Ethereum, whose protocol has served as a springboard for the vast majority of cryptocurrency projects over the past two years.
2018 was a record year for ICO fundraisers, but the amount of money raised has fallen dramatically since last summer. The amount of funding raised in November was $ 179.4 million, down from $ 913 million in June and $ 1.5 billion in January, according to ICOData.io.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
