So far, 2018 has not been a good year for cryptocurrencies. At the very beginning of the year, cryptos managed to reach incredible heights, only to drop from them soon after that, and the recovery is still an unachievable dream. Some of them, like TRON (TRX) and Ripple (XRP) have had a lot of success when it comes to entering partnerships and achieving business victories. However, this has yet to reflect on their prices, as we are about to see.
Down but not dead
The end of 2017 and early 2018 were very successful for every single crypto out there, but only a few days into the current year, and all of that changed dramatically. According to CoinMarketCap, the early January saw cryptocurrencies’ total capitalization exceed $820 billion.
Bitcoin’s price was over $20,000 per token, which looks like pure fiction when you look at today’s price of $7,163. Still, there are many who believe that prices are about to recover, which could lead to another large increase. Whether or not this will come to pass, remains to be seen. For now, however, we can only see what has happened to other cryptos, following the fall of Bitcoin.
The situation is not that great, but it is not as desperate for all of them. Of course, some might argue that the best-performing cryptos from the top 50 only losing a little more than 50% of their value is not the best news. After all, some of them, like Ethereum (ETH) went down for 63.92%, while Litecoin (LTC) dropped by 57.72% when compared to its price from early January. This is bad, true. However, it is not as bad as the worst currencies of this year.
The worst-performing cryptos of 2018
Let’s start with the Bitcoin forks. Bitcoin Diamond, for example, went from $105 to $2.88. Say what you will about ETH, but it did not lose 98% of its value. Bitcoin Gold did only a little better, with its price falling from $500 to $40, as per CoinMarketCap. Some claim that even this price is more than this crypto is currently worth.
Next, we have Einsteinium. This crypto is actually slightly recovering, but it still dropped a lot in the first 100 days after the crash. Its price went from $2.83 to its all-time low of $0.11 in March of this year. Right now, it is at $0.17, which is only slightly better.
Then, there is Siacoin which lost 90% of its value in 83 days. This crypto has had a difficult year and a lot of issues to deal with, but that can’t be helped at this point. Its current value is barely $0.013968.
Finally, there is NEM. Now, NEM has had a big issue recently, and that was the hack of Coincheck. A lot of NEM tokens have been stolen during the incident, which was branded the biggest hack of all time. Half a billion coins were stolen, and NEM barely managed to start recovering by reimbursing the hack victims. This has not helped much, however, and it continued to rise and fall, with its price eventually dropping by 89%, from $2.09 to $0.23.
There are also Bytecoin and Digibyte, which both lost around 88% of their value, which was disappointing to those who had high hopes for these currencies. Digibyte’s current price is $0.030531, which is not that great, but it is still better than Bytecoin which is at $0.005243 and continues to drop on a daily basis.
Verge is also among the worst of them and has been a mess for a while now. Still, it is slowly recovering, and it entered some unexpected partnerships earlier this year which are helping it stay afloat. Its current price is at $0.036099.
Finally, we have Ripple. After the initial price drop, Ripple lost 87% of its value in the first 85 days. It has entered a lot of partnerships since then, announced and launched new products, and even nearly-perfected its cross-border payment technology. Still, not even the banks’ favorite cannot beat the market, and its current worth is at $0.561367.
Of course, these are not the only coins that have suffered this year’s bearish market, and some have even dropped so much that they had to simply disappear. Some believe that many coins from this list might be the next ones to permanently go away. Still, it is not all that bad, and there is a real possibility that some can work on their issues and be prepared for the next big event that might threaten their existence. At the very least, they have managed to survive thus far, and that can be seen as an achievement in itself.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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