A recent CoinKickoff report demonstrates the failures of various altcoin projects over the years and how Bitcoin is the most prominent survivor.
according to their data, 91% of the coins that were around in the 2014 cryptocurrency market crash are now completely abandoned. A large portion of the now dead coins were created in 2017, with 704 now dead coins being created that year. The crown of the deadliest year in cryptocurrency history is 2018, during which 751 coins ceased to exist.
A visualization created by CoinKickoff illustrates how many of these projects have come and gone, along with their respective reasons for failure. Reasons include being a scam or other related issues, being a joke or serving no purpose, being an ICO or short-lived scheme, or simply running out of volume.
Bitcoin, through all of this, has remained strong. The hash rate has been on a steady climb, now up to 270 EH/s according to Hashrate index.
Also, more than 1 million addresses you now have one bitcoin or more, although it should be noted that bitcoiners can use multiple addresses. Beyond that, more than $14 billion in annual transaction volume was conducted over the Bitcoin network last year, an increase of 13,900% over 2015 transaction volume.
And just as those metrics grew, the amount of bitcoin held on exchanges hit new lowsindicating that more Bitcoiners than ever are sovereignly holding their coins.
The metrics continue to show that, in addition to the bitcoin price, the network itself is continually growing, while the altcoins hoping to keep going just don’t have longevity. Bitcoin has shown its resilience by continuing in the face of existential attacks like the Blocksize Wars, political challenges like the Silk Road story, and major exchange crashes like Mt. Gox or, more recently, FTX. Even big blows to the network, like the drop in hash rate after China’s mining ban, have proven to be merely roadblocks in Bitcoin’s path to dominance. These events only strengthen the narrative of Bitcoin as sovereign monetary policy built on a collapse-resistant network.
