In spite of cryptocurrency markets starting so well in January 2018 for coins such as Tron going up by 14000% in just 30 days, the year has been a tough one so far for the entire market. Judging from their all-time high (ATH) below is an analysis of some of the worst performing Cryptocurrencies in 2018.
In the last three months, the cryptocurrency market has lost about $600 billion. Let’s begin with Cardano and Ripple which have lost 89% and 85% in the last three months respectively. This is despite the excitement surrounding ripple in the later parts of last year, and the company making numerous announcements on some new partnership and projects.
Bitcoin gold, which once traded at $500 has lost about $455. Currently, the coin is trading at $45, with many hoping it sinks more so they can buy low and resell when the market recovers. The coin was launched in 2017 during a bitcoin fork to join the likes of bitcoin cash and bitcoin diamond which were also forked from BTC. For its part, BTG was created to return the decentralized nature of BTC, and give ordinary users an opportunity to mine the new digital currency.
However, BTG faced competition for mining power from other anti-ASIC (Application-specific integrated circuit) coins such as Ethereum and BTC. This not forgetting the fact that there were too many forks created at its time thus confusing many new users which may have contributed greatly to its failure.
Ethereum, the second largest cryptocurrency by market capitalization has also seen a dive in its price with a drop of about 47% on a year-to-date basis. Among the top 10 cryptocurrencies, Ethereum is one of the most impacted by the current market dip. However, it’s worth noting that a two-week relative strength index shows that the coin has eaten its most oversold level since 2016 hence, could experience a sharp rally if the broader markets regain poise.
Nevertheless, there seems to be a light at the end of the tunnel for most of them the worst performing but more especially the entire market as this recent dip can be blamed on bitcoin’s price deep and also a lot of uncertainty from nations and states. As such, we are yet to see what holds for the future of these coins in the market.
Do you think these cryptocurrencies will regain poise when the cryptocurrency market recovers?
Share your thoughts and other worst performing cryptocurrencies so far not listed above