Bitcoin loses 70 per cent off its high

BITCOIN, Ethereum and Ripple can soon be the last coins standing with over 800 competing cryptocurrencies revealed to be “dead” according to a website collecting crypto scams and abandoned projects.

The bitcoin reaches its ATH at the end of 2017 which results in thousands of new cryptocurrencies enter the market and compete for the attention of investors consumed by global hype and the prospect of getting rich quick.

These Initial Coin Offerings (ICO) collects money from gullible investors using little more that some code and a speculative white paper outlining the coin’s ambition.

However with bitcoin, the leading cryptocurrency has gone low from over $19,000 in December 2017 to just over $6,000 today, the enthusiasm for lesser-known coins has also dropped.

Deadcoin.com has been busy listing all the crypto scams, jokes and abandoned projects and the list has now hit 800 cryptocurrencies, considered ‘dead’ - trading at less than 1 cent.

For those who invests their money into these small cryptocurrencies the misery is set to continue with Bloomberg warning last month that most money has been sunk into “scams”.

Predicting more misery for investors, analyst Aaron Brown, said: “There has obviously been significant fraud and hype in the ICO market. I have seen 80 percent of ICOs were frauds, and 10 percent lacked substance and failed shortly after raising money.

“Most of the remaining 10 percent will probably fail as well.”

Data from Satis Group, an ICO advisory and analysis firm, claims that over 80 percent of ICOs with a $50 million market cap and above are scams. Another 11 percent of projects have according to the research, failed or gone silent.