91% of 2014 Crypto Crash Coins Now Abandoned, Bitcoin Survives
• 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned.
• Visualization created by CoinKickoff illustrate how many of these projects came and went, along with their respective reasoning for failure.
• Bitcoin has proven its resilience by continuing on in the face of existential attacks like the Blocksize Wars, maintaining a steady climb in hash rate, an increase in annual transaction volume, and more Bitcoiners than ever holding their coins in a sovereign way.
As cryptocurrency continues to grow in its use and popularity, it is important to take a look at the successes and failures of various altcoin projects. A recent report by CoinKickoff has illustrated the failures of these projects, and how bitcoin is the standout survivor.
CoinKickoff’s data demonstrated that 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned. Of these, a large portion were created in 2017, with 704 now-dead coins being created that year. The crown for the single most deadly year in cryptocurrency history goes to 2018, during which 751 coins became defunct. CoinKickoff created a visualization to illustrate just how many of these projects came and went, along with their respective reasoning for failure. These reasons include being a scam or other related issues, being a joke or having no purpose, being an ICO or short-lived scheme, or simply running entirely out of volume.
It is in the midst of all these failures that bitcoin has remained strong. Its hash rate has continued a steady climb, now up to 270 EH/s according to Hashrate Index. In addition, more than 1 million addresses now hold one bitcoin or greater, although it should be noted that Bitcoiners may use multiple addresses. Moreover, over $14 trillion in annual transaction volume was carried over the Bitcoin network the past year, a 13,900% increase from 2015’s transaction volume. And just as those metrics grew, the amount of bitcoin held on exchanges reached new lows, indicating that more Bitcoiners than ever are holding their coins in a sovereign way.
These metrics continue to demonstrate that, aside from the price of bitcoin, the network itself is continually growing, while altcoins which hope to ride on its coattails simply have no longevity. Bitcoin has proven its resilience by continuing on in the face of existential attacks like the Blocksize Wars, maintaining a steady climb in hash rate, an increase in annual transaction volume, and more Bitcoiners than ever holding their coins in a sovereign way. This has made bitcoin the standout survivor in the midst of a sea of failing altcoins, and a model for cryptocurrency projects to follow.