A new BlockBeats report shows that only 1.2 percent out of more than 260 tokens that were analyzed during the research are trading above their initial ICO price on major Asian exchanges, including Binance and OKEx. In fact, the majority of cryptocurrencies declined by more than 70 percent compared to their issue price. WBTC takes the cake as the worst performing coin, tanking by 99.8 percent.
Only a few coins actually appear in the green. One notable example is the Huobi Token (HT) with a substantial 30 percent surge in value.
The report suggests that the massive drop is due to the low quality of these projects and the prolonging bearish market.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov