Altcoins Fail, Bitcoin Thrives: A Look at Crypto’s Fast-Changing Landscape

• CoinKickoff recently released a report that outlines the failure of various altcoin projects and the success of Bitcoin.
• 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned. 2018 was the deadliest year for cryptocurrency with 751 coins becoming defunct.
• Bitcoin has remained strong and has seen continual growth. Hash rate is now up to 270 EH/s, more than 1 million addresses hold 1 bitcoin or greater, and $14 trillion in annual transaction volume has been carried over the Bitcoin network.

The cryptocurrency landscape has changed drastically since its inception in 2009. The most notable success story has been Bitcoin, which has remained the dominant currency since its creation. On the other hand, the majority of altcoin projects have failed, as demonstrated in a recent CoinKickoff report.

CoinKickoff’s data shows that 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned. Interestingly, 2017 saw the most coins created, with 704 now-dead coins. 2018 was the deadliest year for cryptocurrency, however, with 751 coins becoming defunct. Reasons for failure included being a scam, being a joke or having no purpose, being an ICO or short-lived scheme, or simply running out of volume.

In the midst of all this, Bitcoin has remained strong. Its hash rate has continued a steady climb, now up to 270 EH/s according to the Hashrate Index. More than 1 million addresses now hold one bitcoin or greater, and over $14 trillion in annual transaction volume was carried over the Bitcoin network the past year, a 13,900% increase from 2015’s transaction volume. Metrics demonstrate that, aside from the price of bitcoin, the network itself is continually growing, while altcoins which hope to ride on its coattails simply have no longevity. Bitcoin has successfully weathered existential attacks like the Blocksize Wars, further cementing its place as the most successful cryptocurrency project.

Despite the success of Bitcoin and the failure of altcoins, many still believe that the cryptocurrency market is in its early stages. With the right projects, altcoins could still make a lasting impact, though it remains to be seen if any will be able to compete with the success of Bitcoin.