Over 800 cryptocurrencies are now worthless

02 Jul Over 800 cryptocurrencies are now worthless

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.

Source: Fast Company