Driven by the rise of Bitcoin in late 2017 and early 2018, the upbeat market caused many cryptocurrencies to record historical highs in the period. Despite this, after four years many of them are far from the glamor of that boom cycle.
With losses of at least 80%, compared to its maximum price, and reaching up to 99.79%, this article covers the worst cryptocurrencies that by many are already considered dead, although there are still some optimists in some of them like the Lobo de Wall Street with Ripple (XRP).
We can observe this pattern in past bullish Bitcoin cycles, drawing attention to the current one. A bear market can be catastrophic for many projects that are now considered too big to fail.
How to turn R$1 million into R$2,400
A search made by a Reddit user is interesting for presenting cryptocurrencies with strong communities engaged in proof that their currencies were better than BTC, as is the case of Bitcoin Cash (BCH) and Nano (XNO).
Despite their desires to resolve scalability issues, both have melted 89% and 90.3%, respectively, since the last Bitcoin bullish period in 2017/2018. Along the list are other famous projects at the time, such as IOTA, Dash and NEO.
Another famous cryptocurrency that promised scalability solutions was the EOS. Despite hitting revenue records at the time, $4 billion, its price is 85.2% below its historic high.
The biggest loser on this list is Revain (REV), although it was once traded for 4 dollars, today it is worth 1 cent. This drop represents 99.76%, that is, whoever bought R$ 1 million in REV at the top, turned this value into R$ 2,400 if they did not sell.
history repeats itself
Bitcoin has already gone through three big highs, in 2013, 2017 and now in 2021. With that, the Livecoins conducted a study of changes in the 10 largest cryptocurrencies, noting that many of them have disappeared.
Again we may see this top shift, bringing down currencies that are currently overvalued due to speculation which will dominate certain sectors, such as smart contracts that house tokens from gaming sectors, NFTs and other use cases.
With that, is a reminder for you not to buy the next FunToken (FUN) of this cycle and suffer 94.6% of losses in the next four years. After all, altcoins come and go, but Bitcoin is forever.