Since the first big crypto boom of 2011, tens and thousands of cryptocurrency coins were released on the market.
Some cryptocurrencies are a lot more expensive than others.
Others have failed to succeed or ended up as abandoned or failed projects.
Aran Ali, Pallavi Rao and Visual Capitalist detail the details below.
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The number of failed crypto-coins is broken down by the years they were created and died. The data includes a decade's worth of coin failures, from 2013 to 2022.
What is a dead crypto coin's marker?
This analysis compared data from failed crypto-coins listed on Coinopsy with CoinMarketCap in order to verify past market activity. Each coin's death was tabulated as well, including:
Initial Coin Offerings Failed
Abandonment of less than $1,000 worth of trade over a period three months
Scams and coins meant to be a joke
Dead Crypto Coins From 2013 to 2022
There were many crypto currencies that are still in use today. These include Litecoins, Dogecoins, and Ethereum.
2,383 crypto coins
Between 2013 and 2022, there was a lot of dust.
Here's how many crypto-coins die each year, broken down by the reason.
The number of abandoned coins with a flatlining trading volume was 1,584.
We analyzed the crypto failures of the past decade. Comparatively 22% of the coins were scams, and 10% did not launch after an ICO.
In terms of individual years, 2018, saw the highest total annual losses in the cryptomarket.
751 dead crypto coins
Investors abandoned more than half, but 237 of them were exposed as scams.
It turned out to have been a Ponzi Scheme.
Why did 2018 have such a high number of crypto failures in it?
It is due to the fact that Bitcoin's price climbed above $1,000 in the previous year, eventually reaching a peak of around $19,000. This led to a boom in crypto-issuances, a surge in speculation, and heightened confidence among investors and companies.
How many newly launched coins have died?
In 2022, more than half of the coins launched in 2017 will be considered obsolete.
In fact, many of the coins that were launched earlier have died. By the end of 2022, most of the coins that were launched between 2013-2017 are already 'dead' coins.
This is partly because the crypto field was still in its infancy. Many coins were released during a period of innovation and experimentation, but also volatility and uncertainty.
In 2018, the trend started to change. In 2018, the trend began to shift.
The failure rate of the coins launched that year has fallen to 4.74%. In 2019 and 2020, the failure rate fell even further, falling to 1.03% and 4.74%, respectively.
The crypto industry is a growing one.
Become more mature
Newer projects are more secure and investors are becoming more aware of potential scams.
What will be the future of this trend in 2023?