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Over 800 cryptocurrencies are now worthless

Many were scams or a joke or simply cryptocurrencies that failed to materialize.

Over 800 cryptocurrencies are now worthless
[Photo: MichaelWuensch/Pixabay]

That’s according to the website Dead Coins, which tracks ICOs of cryptocurrencies across the globe (via CNBC). The site has found that more than 800 cryptocurrencies are now worth less than a cent. That’s despite ICOs taking in $3.9 billion in 2017 and $11.9 billion in 2018 so far. So what are all these worthless cryptocurrencies? Many were scams or a joke or simply cryptocurrencies that failed to materialize.

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But news isn’t much better for household name cryptocurrencies like bitcoin. The world’s best-known cryptocurrency has fallen 70% from its $20,000 high in 2017. Because of that–and the sheer number of other cryptocurrencies–many are starting to compare the cryptocurrency market to the dotcom bubble of 2000.

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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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