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46 percent of cryptocurrency from 2017 already fizzled out

/ 04:19 PM February 25, 2018

INQUIRER.net

The rapid rise of Bitcoin’s value in 2017 has prompted a number of new cryptocurrencies to pop up. Now, a lot of these cryptocurrencies have already seen their fall.

According to Bitcoin.com and Tokendata, around 902 cryptos were launched in 2017. Forty-six percent of this number have fizzled out since then. Some failed right from the funding stage, while more either ran off with the money or could not get enough publicity. A few of those that ran off with investor money even managed to raise over $10 million (about P500 million).

Apart from this 46 percent, around 113 are classified to be semi-failed. It’s either due to the lack of activity in social media or a community that’s too small to support the fledgling cryptocurrencies.

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Despite the failures, some appear to be trying again in 2018, but in a much more competitive fight.

Companies like Kodak have already announced plans to hop on the cryptocurrency bandwagon. An anime-centric crypto called Otaku Coin also plans to debut within this year.

Despite the number of failed cryptocurrencies, a previous report states that Bitcoin, the current top crypto, will sail past $50,000 (around P2.5 million) in value by December.

How the crypto market will pan out is still anybody’s guess, but if blockchain technology could be effectively adopted and developed for use in various industries, cryptocurrency investors could still earn big in 2018, despite the risks. Alfred Bayle/JB

RELATED STORIES:

Bitcoin could hit $50,000 by end of 2018

Otaku Coin, new virtual currency created for anime fans

Kodak creates KodakCoin cryptocurrency for photographers

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TAGS: Bitcoin, blockchain technology, crypto, cryptocurrency, Otaku Coin
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