2018 was a hard year for virtual currencies and blockchain projects all over the world. According to data provided by Coinopsy and DeadCoins almost 1,000 crypto-related projects had to shut down their operations in 2018. Perhaps one of the most popular projects that disappeared is BitConnect.
Crypto Projects Affected by the Bear Market
According to data provided by DeadCoins, there are around 800 abandoned crypto tokens in the space. Coinopsy was able to discover 483 different projects that are not being developed anymore.
Coinopsy explained that a dead coin can be considered dead if it has been abandoned or scammed. On the matter, they wrote:
“A token or coin that has been abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project.”
Coinopsy provides up to 0.1 ETH for accurate information provided about dead projects in the market. Users need to provide proof about the projects being abandoned. Coinopsy has also categorized the coins that are no longer operating in the market. Some of the categories are Joke Dead Coins, Abandoned Dead Coins, or Scam Dead Coins, among others.
Dead coins can also be considered those that rank below 1000 in terms of market capitalization for three consecutive months. At the same time, tokens that registered a trading volume below $1,000 for three months can also be considered dead.
The Wall Street Journal has also released valuable information about Initial Coin Offerings (ICOs). According to it, more than 15% of crypto projects that released funds using an ICO had plagiarized whitepapers or copied ideas. Some other ICOs were just offering too high returns that were not able to be materialized.
At the beginning of 2018, BitConnect (BCC) had to shut down its operations since they were accused of being a pyramid and Ponzi scheme. Since that moment, their virtual currency fell down from over $400 to less than $1. The company was not able to pay the promised rates and it had to stop offering services.
Some other coins that have died during this bear market are HyperPay (HPY), Befund (BFDT) or BitcoinDark (BTCD).
Since the beginning of the year that the crypto space experienced a bear market. This affected most of the virtual currencies, including all the top 100 coins. Bitcoin (BTC) lost more than 82% since its all-time high. Other assets registered even bigger losses.