Entrepreneurship is hard, blazing a trail in an industry that has taken quite a bit of slack that happens to be even harder, however more and more companies are signing on to be part of the Cryptocurrency pilot. While every day new ICO’s are registered and new hopeful CEO’s stare out of their shiny offices desperate to catch a lucky break, some are struggling and as a recent report shows the struggles are genuine. A study released findings that show that more than 800 of cryptocurrencies currently trading on the market are at present worth less than a single penny (or one cent coin, if you’re outside the USA).
The Current Market
A reasonable person might be thinking, well the market must be performing rather terribly to have such a huge proportion of their products faring so poorly, and they’d be wrong. In fact, they couldn’t be farther from the truth, just this year the total amount of money all cryptocurrencies have managed to raise is – USD 11.9 billion and if anyone is wondering, that is a total of a 200% raise when compared with the 2017 data. This is fantastic news of course for the crypto companies as this astronomical rise in revenue has only occurred during the first half of the year, and there are still six more months to raise income through.
Bitcoin’s Performance Recently
All of this news has come in at the same time that Bitcoin has managed to surge back into the $6,500 ballpark after it had crashed to around $5,000 last week. However, even though there is a lot of positive momentum seeking to glide Bitcoin back up to its former glory; there are still many Bear forces at play within the current market forcing the tides against Bitcoin’s growth. Also, a recent statistic has pointed out that Bitcoin has slacked by over 70% in value since its 2017 high of $20,000, which is quite frankly some of the worst news ones can probably hear all week.
Although, when one pieces the knowledge of Bitcoin’s spectacular tumble from its position as favorite of the market, it is not that hard to understand the latest analysis from CNBC which states that more than 800 Cryptocurrencies are no longer viable. They have well and truly been declared worthless as they stand at USD 0.01; this is mainly because the investors who bought them received a share in the company who owned the token and not actual currency itself.
Looking Out To Coinbase
Looking to other news within the Cryptocurrency market of the US;
Coinbase is once again attempting to secure the eyes of investors through their new innovative product known as Custody. Custody allows a person to pay a set amount with the company who will then disparately invest the funds into various assets within a set portfolio. Of course, this service is only available to the discerning individual with a minimum set of parameters that must be met before the programme can officially commence.
