Xapo Bitcoin Wallet President: 90% Of The Crypto Market Is Facing Extinction
It seems that the virtual currency market is experiencing an extinction event in over 90% of the 1,800 coins and tokens currently available. At least, this is what the president of Xapo, Ted Rogers, believes.
In August 14, Ted Rogers wrote a tweet in which he says that more than 90 percent of the tokens listed in CoinMarketCap will eventually disappear. At the same time, lower Bitcoin prices are a great moment to purchase even more BTC.
We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin
— Ted Rogers (@tedmrogers) August 14, 2018
Most of the cryptocurrencies in the top 10 have lost over 80% of its price from their all time high at the beginning of the year.
This altcoin sell off has increased in the last week. And indeed, Bitcoin reached a market dominance of almost 54%, the highest value since December 2017.
The main problem among altcoins is related to the fact that Initial Coin Offerings (ICOs) are selling the ETH received during their funding periods. Because of this, Ethereum has also reached the same prices as it had at the end of 2017.
At the moment Ethereum, the most important altcoin is traded around $284 dollars and has a market capitalization of $28 billion dollars.