Over 800 Cryptocurrencies Dead as Bitcoin Plunges 70 Percent from All Time High

It has been estimated that around 800 cryptocurrency projects that have been created from the proliferation of initial coin offerings in the last 18 months are now dead.

The discontinued cryptocurrencies are listed on a website called Dead Coins where most now trade less than a cent. Most of the projects were killed off because they were scams, joke projects, or had products that failed to materialize.

Analysts have also said that Bitcoin’s almost 70% fall from its record high contributed significantly to the bearish sentiment surrounding cryptocurrencies.    

 

Source: CNBC