With the poor performance in this first quarter, it has led many to fear that this is actually the beginning of the end for cryptocurrencies. There are currently over 1,500 cryptocurrencies, in a bullish market that has recently turned bearish, causing some virtual currencies to just implode.
One of the biggest cryptocurrency exchanges in the United States, Bittrex recently said that it would be removing a total of 82 altcoins from its listing by the end of last month. It is for good reason that they are being removed though, as the majority of the de-listed altcoins had broken blockchains, were abandoned by their developers, or were discovered to be either scams, or pump and dump schemes. However; the truth of the matter is that some of the de-listed coins have multimillion-dollar capitalisation – Neutron, just three months ago was worth $32.6 million, yet now, it is worth less than $5 million. The same can be said for Sprouts, which was once worth $60 million, and is now worth $3 million.
It is not all bad news for Bitcoin. The dominance on the crypto market is slowly starting to grow again; however, it no longer has more than 90 percent share in the market like it once did. In actual fact, Bitcoin’s share fell to just 32 percent in the first half of January, at the same time the number of altcoins were growing, which caused the market capitalisation of all cryptocurrencies to hit an all time high of $835 billion.
In just three months, investors started selling their shares, which caused the value to significantly drop by a massive $557 billion, and also caused many altcoins to finish, and sadly not survive the crash. On top of this, it has suffered another recent blow, which has seen the overall market fall by yet another $20 billion.