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.
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.