The cryptocurrency market has certainly seen its ups and downs with price surges contributing to most of the positive developments. During the initial hype days, a lot of cryptocurrency projects had received immense support that eventually resulted in massive pricing. As soon as the original fuzz and hype died, a majority of the projects fell apart while major cryptocurrencies witnessed a fall in their values.
At the time of writing, many of the digital assets were struggling to climb the bullish ladder and compared to the all-time highs; they still have a long way to go. BitConnect was obviously the most significant loser amongst the initial cryptocurrency projects with the Carlos Matos founded company tanking last year.
Crypto, % Below all-time high…
Bitcoin Gold: -99%
Bitcoin Cash: -95%
— Charlie Bilello (@charliebilello) December 9, 2019
The crash came after reports flooded in that BitConnect was scamming its users and token holders with a significant share losing extensive investment holdings. Since then, the BitConnect token has fallen by a complete 100 per cent and no longer exists on charts such as CoinMarketCap.
The cryptocurrency with the second most considerable fall was ICON [ICX] which traded at $0.46 during its all-time high. Right now, however, the cryptocurrency was worth $0.12, a 99 percent fall in its market price. The cryptocurrency also held a total market cap of $64.978 million and a 24-hour market volume of $7.205 million.
Next in line was the Bitcoin Gold, a proposed spinoff from Bitcoin which was built to tackle the “shortcomings” of the world’s largest cryptocurrency. Alejandro Regojo was responsible for the Bitcoin Gold forking that occurred on October 23, 2017, a few weeks before Bitcoin rocketed towards the $20,000 mark.
BTG had made a name for itself when it gained in value to settle at $500.13 after which had a period of massive fluctuations. Post the Bitcoin ATH time period; there was no question about BTG’s impending price fall, which culminated in the cryptocurrency falling to its current low of $5.75. The 99 percent price drop was also perpetuated by its market cap taking a hit, currently holding at $100.68 million.
Cryptocurrencies like NEO, Tron and Bitcoin Cash had fallen by 95 percent from their peaks, and these assets were now in a battle against the bear. While Bitcoin has been getting a lot of hate from the public recently, many failed to realise that it was holding much stronger on the charts.
Compared to the 80-90 percent prevalent among major cryptocurrencies, BTC had only fallen by 62 percent from its ATH. It is not surprising as its ATH was etched into crypto history when the asset’s value shot to $19,700 in December 2018. At press time, Bitcoin was trading for $7351.41 and held a reduced market cap of $133.014 billion.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.