Xapo President Ted Rogers’ Believes “Extinction-Level Event” Coming For 90% Of Crypto

Cryptocurrency has been on a downward spiral lately, but what does that mean for the future of the industry. Xapo President Ted Rogers believes that he has the answers, which he stated in a post on Twitter.

The prediction coincides with the most recent developments of the industry, as almost every single major cryptocurrency token had an 80% drop in value, at least. Bitcoin seems to be one of the few coins to avoid this hit, though it still dropped slightly.

Most recently, about seven of the existing 15 largest crypto platforms have taken a 90% drop, which includes Ripple, Cardano, IOTA, Tron, Dash, NEO and NEM. With 80% losses, the list includes Ethereum, Bitcoin Cash, EOS, Litecoin, and Monero, Stellar and Ethereum Classic are nearing the 80% mark, while Bitcoin has seen a 70% sell-off, even though their price did not drop as much.

Right now, based on these numbers, Bitcoin holds a 54.3% dominance in the industry, which is the first time it has reached that number since mid-December 2018. Based on the information at CCN, it is possible that the sell-off of altcoins in the industry has been due to the various blockchain startups that have been launching their initial coin offerings (ICOs). It seems that these efforts have exhausted their efforts to the point of essentially consuming any of the tokens that other users have sold off to get involved.

With many analysts mimicking Rogers’ stance on this issue, there are many ICO brands that are trying to liquidate what they have before they completely go under. Unfortunately, ETH will end up taking much of the hit for this decision, considering that most of the platforms are based on their tokens. With this ongoing cycle, an “extinction-level event” seems like the best descriptor for the upcoming changes.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,234FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Will Emerge Stronger Out of the Ongoing Crisis: Congressman Tom Emmer

It is the fact that no one has centralized control over Bitcoin that makes it stand out in comparison to fiat currencies that are...

Coca-Cola to Utilize Baseline Protocol For Supply Chain Tracking with Exposure to DeFi

Coke One North America (CONA) has partnered with Provide and Unibright to streamline the supply chain of the largest coca-cola bottlers in the region...

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020. The dollar index, which measures the greenback against a basket...

Coinbase Wallet Integrates Unstoppable Domains; Send Payments Via .Crypto Addresses

Coinbase Wallet, a service rendered by US based Coinbase crypto exchange is extending its support for Unstoppable Domains according to an announcement made by...

Mad Rush to BTC Coming Soon as Barstool Sports' Dave Portnoy Declares ‘I Want to Buy All the Bitcoins'

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, "I want to buy all the bitcoins." Portnoy...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today