2018 has been a tough year for cryptocurrencies. It all started so promisingly, as January broke with the promise of $3 ripple and, in tron, an altcoin that was up 14,000% in 30 days. Things swiftly went south from there, and have been sinking ever since. Judged by their all-time high (ATH), the following coins are 2018â€™s greatest fallen angels.
Meet 2018â€™s Worst in Class
Having shed $600 billion in three months, the cryptocurrency markets are having a torrid time. Theyâ€™ll rally eventually, and when they do, more all-time highs may even be back on the agenda. With every single cryptocurrency mired in the red, singling out altcoins for underperforming seems a little unfair. But even without obsessing over USD value, analyzing the coins that have dropped the furthest from their ATH reveals 2018â€™s most over-hyped assets.
Recording the percentage drop and number of days since a coin reached its all-time high has become a popular metric on crypto tracker sites. In addition to Onchainfx, thereâ€™s now a dedicated site in the form of ATHcoinindex.com. Excluding coins whose ATH was fleetingly achieved as the result of a pump and dump, the biggest losers of this year is plain to see.
Lying in the Gutter While Looking at the Moon
Bitcoin Diamond: Astonishingly, someone once paid $105 for this garbage. Itâ€™s currently trading at $2.19. Thatâ€™s a 98% retrace.
Bitcoin Gold: Spot the recurring theme. Bitcoin forks that add no real value have been hit the hardest. BTG somehow once traded at over $500. Now itâ€™s sitting at $45, and even that feels expensive.
Einsteinium: This shitcoin has gone from Â $2.83 to $0.11 in 101 days, and the team have only got themselves to blame. The coin dumped following a â€œbig announcementâ€� that proved to be anything of the sort, and the crypto bear market took care of the rest.
Siacoin: Itâ€™s hard not to feel sorry for sia, which has had a tough year, what with Bitmain ASICs threatening its algorithm and increased competition from decentralized storage tokens. Siaâ€™s down 90% in just 83 days.
NEM: NEMâ€™s 2018 resembles Britney Spearsâ€™ 2007. First it pumped. Then it dumped, after Coincheck lost half a billion NEM in the biggest hack of all time. Then it pumped again after Coincheck began reimbursing victims of the hack. And now itâ€™s dumped again and is sitting at $0.22, down 89% from its peak of $2.09.
Cardano: Like other entrants on this list, cardano isnâ€™t a total shitcoin. It simply got pumped too fast, too soon amidst Januaryâ€™s ebullience and now itâ€™s paying the price, down 89% in 85 days.
Verge: And then thereâ€™s verge, which was destined to dive deep the moment John McAfee began shilling it. The fact that the supposed privacy coinâ€™s fundamentals are a mess and its developers canâ€™t stop failing hasnâ€™t helped either. Still, things are looking up. In just two weeksâ€™ time, the verge team will announce the new partnership their community has stumped up $3 million for, whereupon a moon mission surely beckons. Surely.
Bytecoin: An 88% retracement isnâ€™t justice enough for this bonafide scamcoin. And nothing of value was lost.
Digibyte: If thereâ€™s one thing digibyte can be relied on, itâ€™s to disappoint. Itâ€™s down 88% in 82 days.
Ripple: If any coin encapsulates the altcoin mania that characterized the nascent days of 2018, it was ripple. Itâ€™s down 87% in 85 days, despite Ripple announcing a string of partnerships and pilot programs. Still, word on the street is Coinbase is going to list it any day nowâ€¦
A Plea of Mitigation
The above coins are 2018â€™s worst performers in a close-run race that includes the likes of SALT, Gnosis, Civic, and Status. While these coins were clearly overbought and over-hyped, their decline owes a lot to bitcoinâ€™s slippage. Some of these coins will recover when bitcoin starts to mend, while others will fade into oblivion, and not before time.
Do you think these altcoins have a chance of surpassing their all-time high again?Â Let us know in the comments section below.
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The post These Are the Worst Performing Cryptocurrencies of 2018 – So Far appeared first on Bitcoin News.