The Great Crypto Shuffle: How 2017’s Top 100 Coins Fared In The Rollercoaster Market
October 03 2023 - 7:00PM
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A recent analysis by an analyst has painted a clearer picture of
just how volatile the crypto market has been, especially for those
who took their chances on lesser-known altcoins a few years back.
The analyst studied the top 100 cryptocurrencies as they stood in
December 2017 and found that the fortunes of these digital assets
varied significantly over the past six years. Related Reading:
Crypto Fund Flows: Bitcoin Leads As Solana Follows, But Why’s
Ethereum Left Behind? From Prominent To Obscure: The Rise And Fall
Of 2017’s Crypto Stars Six years in the financial world is
relatively short, but it can seem like an eternity for the
fast-paced crypto market. An X (formerly known as Twitter)
user named davanai shared his analysis of the top 100 cryptos in
2017, revealing some startling figures. Out of the top 10 cryptos,
New Economic Movement (XEM) is the only one that has dropped out of
the top 100 list. On the other hand, previous giants like Monero
and Dash are teetering on the brink of exiting the elite group.
Amid these declines, the twin towers of the crypto world, Bitcoin
(BTC) and Ethereum (ETH), have held their positions at 1st and 2nd
spot, respectively. XRP, among the most discussed cryptos in the
2017 bull run, has slipped only slightly to the 5th position.
Cardano (ADA), too, while losing two spots, remains in the top ten.
However, not all stories are of resilience. Populous Coin (PPT),
once the 19th largest crypto, is now a shadow of its former self,
trading at 99.97% below its all-time high. Distinguishing The
Winners From The Losers Interestingly, the analyst classified 27 of
the top 100 cryptocurrencies as “scams”. While this doesn’t
directly confirm any deceit, these digital currencies have nearly
vanished in terms of market presence and activity. Out of the top
100, just 21 achieved record highs during the initial three months
of 2021, while 68 remain below their highest valuations from 2017
or “almost a scam,” according to the analyst. Research statistics:
🟢 5 of 20 are worth more than ATH 2021 ⚫ 27 of 100 SCAM project 🔴
68 of 100 are below ATH 2017 or almost a scam 🟢 21 of 100 updated
ATH in 2021 🔴 79 of 100 will never update ATH — davanai👻
(@0xdavanai) October 2, 2023 On the brighter side, three altcoins
have climbed up in their rankings since 2017. Binance Coin (BNB),
Chainlink (LINK), and Dogecoin (DOGE) have defied the broader
trend, proving that it’s not all doom and gloom in the altcoin
world. Related Reading: Ethereum’s Price Vs. Bitcoin: Can Upcoming
ETH Futures-Based ETFs Turn The Tables? The findings provide a
cautionary tale for crypto investors. As the analyst pointed out,
purchasing the top 100 cryptos would likely result in losses over
time. As traditionally understood, diversification may not apply in
the high-stakes world of crypto investing. • You should buy
altcoins with a clear understanding of the situation, and not
relying on luck • Don’t listen to fables about diversification,
because only 3 out of 100 tokens are profitable in the long run •
Cryptocurrency profitability is about mindset and strategy —
davanai👻 (@0xdavanai) October 2, 2023 Featured image from Unsplash,
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