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Namecoin was released in April of 2011 and was the first altcoin to hit the market. Ever since,altcoins have been playing catch up to Bitcoin. Growing by numbers by the day, there are numerous altcoins with each claiming to have better features than the rest.

What is an Altcoin? >

When it comes to value, altcoins have alwaysaimed to overthrowBitcoin. Many got a fighting chance back in 2017 during the cryptocurrency bubble. Although none came close, some altcoins hit quite remarkable valuations. Ethereum came the closest to overtaking Bitcoin in June of 2017 - at one point, the market cap of ETH was at almost $35 billion when BTC was valued at $42 billion.

Comparing the market cap of Bitcoin and the rest of the cryptocurrency market

Two years down the line, and many altcoins are now barely hanging on by a thread. Many altcoin projects were forced to close shop after the long crypto winter while those that survived may not be equippedto survive another winter.

A Brief History of Bitcoin: a Wild Altcoin Appears >

Bitcoin Cash has long fallen from its glory, dropping by about 94% from its all-time high valuation.XRP, despite various partnerships to build its network, has also dropped about 94% from ATH with its market cap dropping below $10 billion. XRP is currently trading at about $0.20.

While commenting on the future of Zcash, one trader, DonAlt pointed out that the coin has suffered truly devastating losses against Bitcoin compared to its price at launch. He stated in a tweet:

Other altcoins that have dropped by 90% or more include NEO, TRON, Stellar, Dash, Ethereum Classic, VeChain, Ontology, Qtum, Nano, Augur, Iota and Bitcoin Gold.

In a recent interview with CNBC, Max Keisertried to explain why altcoins are slowly dying. Keiser stated that people have lost interest in these cryptocurrencies due to the recent changes on the Bitcoin network. He explained that more people have begun to understand the store of value in Bitcoin,and said thatall that cash is going to flow into Bitcoin.

Read more from the original source:
Altcoins: Could This Be the End of Tokens? - CoinCodex