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70 Percent of 2017-2018 ICOs Turn Out to Be Massive Bombs: Report

  • Alex Morris
    📰 News

    30 percent of tokens nowhere to be found on cryptocurrency exchanges


70 Percent of 2017-2018 ICOs Turn Out to Be Massive Bombs: Report
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A large number of ICOs have a reputation of worthless projects which do not have anything apart from a whitepaper. According to a new report by Diar, it is perfectly reflected in their price as tokens struggle to keep their initial price, while 30 percent of ICOs are not listed on a single exchange.   

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Going underwater

According to the abovementioned report, 70 percent of crypto tokens that didn’t make it to the top 100 currencies on CoinMarketCap fail to meet investors’ expectations, plunging below their initial value. At the same time, more than 30 percent of ICOs that were launched in 2017-2018 are not listed on any cryptocurrency exchange. Some developers behind these unlisted tokens even failed to provide the information about the distribution of token supply while raking in over $1 bln. Among these tokens, which have almost zero liquidly, there are some big-name projects in the likes of Bancor that raised a whopping $150 mln this February.     

As U.Today has already reported, over 800 ICOs have already gone bust in just 18 months. Meanwhile, it is widely speculated that the dwindling interest in ICOs is inextricably connected to the plunging Ethereum price.

Misleading numbers

While CoinMarketCap shows that the crypto market is currently valued at $207 mln, Diar states that a lion’s share of this sum is attributed to the top five biggest coins along with stablecoins. The total market cap of nearly 2,000 other coins listed on CMC doesn’t exceed $35 mln.

Another takeaway from this study is that a big number of ICOs that took place in 2017 are now worth less than $2.2 bln in total.


Top losers

The aforementioned Bancor quickly rose to prominence in 2017 after raising $150 mln in a matter of hours, but the “theft-resistant” decentralized exchange suffered from a major hack, which resulted in more than $12 being stolen. Another salient example is Sirin Labs that is yet to release the world’s first Blockchain phone in November. Despite raking in $158 mln and having Lionel Messi on as its brand ambassador, the company couldn’t stop its token price from tanking.

Top losers

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Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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