Many cryptocurrencies are dead or dying – are you holding any of these?

Crypto holders beware. The vast majority of cryptocurrencies are going to zero. Incredible performances in previous bull markets are a thing of the past. Make sure you only hold the winners.

Altcoins spectacular gains may be over

The days of a crypto coin or token, based on nothing but a promise and thin air, rising a few thousand percent in a matter of weeks, are over. For those of you who are new to this space, you may have heard stories of this or that token that made their holders millionaires. Those times are done.

Yes, in this current bull market there have been particular cryptos that have done exceedingly well, but a lot of these will probably have been memecoins, and everybody knows that there is nothing of value behind them, and that their phenomenal rise is always followed by an inexorable fall to zero.

So does this mean that the cryptocurrency space is dying? 

Crypto brought incredible innovation

There are innovations that have come out of crypto that are changing the financial world as we know it. Extremely fast transactions with no middle men and nigh on instant settlement can be made at any time of the day or night between anyone in any country with anyone else in any other country on the planet.

So no, crypto is not dying, and there are many other use cases besides finance that are being developed. However, for every solid use case that is being built out, there are probably thousands that have failed, or that are going to fail. It’s just the same as for any business in the traditional world.

The case with many altcoins this cycle

Source: Coingecko

Just with a casual browse through the top 1000 cryptocurrencies on Coinmarketcap or Coingecko, one can bring up many crypto projects that have a chart similar to the one above. The initial hype wave, where the lucky ones may have got in and out with profit, and then another wave that put in a lower high, and then that inexorable descent towards zero.

For those of you unfortunate enough to be holding coins or tokens like this one, a harsh reality needs to be faced. Yes, there is that ridiculously slim hope that it all turns around and this project becomes the next Solana, but you have to play the odds – and they are stacked against you.

Even top-50 ranked altcoins are dying

Even in the top 50 ranked cryptocurrencies by market capitalization, there are cryptos that are dying, and some of these were big favourites, even as short a time ago as the beginning of this year.

Source: Coingecko

Take Filecoin (FIL) for example. Still ranked 38 among all cryptocurrencies. This coin was once worth $189, but now it’s worth only $3.61. Look at that chart. We are arguably more than half way through this current crypto bull market. If this was going anywhere, surely it would have turned around by now.

Source: Coingecko

Internet Computer (ICP) does not inspire confidence with a chart that looks like this. $461 to $6.97 during a bull market probably has only one outcome.

Source: Coingecko

Even Cardano (ADA), ranked 11 on Coingecko, has a chart that might strike foreboding into the hearts of holders. From $3.00 to $0.33 isn’t where you would expect a front running altcoin to be. 

Yes, if Bitcoin (BTC) has an amazing bull run going into 2025, this is likely to float all boats, but you would surely want to be on the fastest horses if this happens. Plus, the chances of any of the above cryptocurrencies getting back to their all-time highs is not looking good.

Does your altcoin chart look anything like this?

Source: Coingecko

When it comes down to it, arguably the best way to test your altcoins, is to see how they are doing against Bitcoin. Does their chart look anything like the above? If your altcoins are not at least matching the performance of $BTC, why would you bother holding them?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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