With the sun almost dawning into the eighth year of cryptocurrencies other than Bitcoin (rather better known as Altcoins), it is to be reported that the year had not been kind to the altcoin world. Deeply mired into the red for most of the year, there are coins that need to build more than 300x to come anywhere near their glory from this time last year. This does not give kind reading going into the new year, with lots still expected of cryptocurrencies and also detriments predictions from the end of last year, where alts such as Neo was tipped to go above $500.
Crypto analyst and a regular contributor at Block Publisher from the Middle East Umrit Piyal gave in a fair assessment of the year in crypto. Reporting in honesty of how the year did not pan out as expected, he shared belief that a lot else was accomplished. Speaking to Block Publisher, he said:
The year 2018 has not been an easy one for the market. It started off with unreal expectations and hence we are where we are. However, the space has accomplished a lot more [than prices] which will show in the near future.
No altcoins finish the year in momentum, even though the past week or so has been positive overall. Very few of these have even a one in a thousand chance of finishing the year at all-time highs. The worst ranked cryptocurrencies in 2018 include some bigger names from the space.
Other altcoins showing a dreaded 2018 include ZClassic (ZCL) which started the year at $235 and now trades at $1.25, requiring a whopping 188x to reach the heights of 2017. It is more often than not considered a dead coin, that was forked to create Bitcoin Private whose purpose was to incentivize ZCL holders.
The list also includes Rchain, Ethos and Smartcash who require 83x, 85x and 113x to move near former glory, respectively. This makes things rather dull going into the new year, unlike the previous year where bullish claims were in place all over the market and altcoins seemed to finally become able to back BTC. The yearly performance gives further evidence that Altcoins are valuable asset to hold on to in a bull market, but decline autonomously in a bear situation.
Will 2019 be the year for the alts?