91% of cryptos have died since 2014, while bitcoin continues to thrive

The visualization of altcoin deaths reveals that Bitcoin is the only standout project among many failed scams and “projects”. CoinKickoff recently released a report that shows the failures of many altcoin projects over the years and how bitcoin is the only survivor. According to their data, 91% are now completely abandoned of the coins that were part of the 2014 cryptocurrency market crash. The 2017 year saw 704 coins become extinct. The year 2018 is the most fatal year in cryptocurrency history, with 751 coins becoming extinct.

CoinKickoff created a visualization that shows how many of these projects failed and their reasons for failure. There are many reasons for this, including being a scam, having other issues, being a joke, having no purpose, an ICO, short-lived scheme or simply running out of volume. Source: CoinKickoff

Source: CoinKickoff

In the midst all this, Bitcoin has remained strong. According to Hashrate Index, the hash rate has been steadily climbing to 270 EH/s.

Additionally, more than 1,000,000 addresses now hold at least one bitcoin. However, it is important to note that Bitcoiners can use multiple addresses. Over $14 trillion in transactions were carried over the Bitcoin network last year, an increase of 13,900% from 2015. These metrics increased, and the amount of bitcoin held on exchanges fell to new lows. This indicates that more Bitcoiners are holding their coins in a secure manner. The network’s price is constantly rising, and altcoins that hope to ride on it’s coattails, continue to be reflected in metrics. Bitcoin has shown its resilience by continuing to thrive despite existential threats like the Blocksize Wars, political challenges such as the Silk Road story, and major exchange crashes like Mt. Gox and, more recently, FTX. Even major hits to the network, such as the drop of hash rate following China’s mining ban, have been merely speed bumps on Bitcoin’s path to dominance. These events only reinforce the narrative that Bitcoin is a sovereign monetary policy built on a network that is resistant from collapse.

 

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