Plot the number of failed crypto coins, by year (2013-2022)

[ad_1]

The number of failed crypto coins, by year (2013-2022)

Since the first major crypto boom in 2011, tens of thousands of cryptocurrency coins have hit the market.

And while some cryptocurrencies have done well, others have gone out of business or ended up as failed or abandoned projects.

These charts from CoinKickoff break down the number of failed crypto coins by year they died and year they started. The data covers a decade of coin falls from 2013 to 2022.

Methodology

What is the marker of a “dead” cryptocurrency?

This analysis looked at data from failing crypto coins listed on Coinopsy and cross-referenced with CoinMarketCap to verify previous market activity. The reason for each part death was also tabulated, including:

Failed initial coin offerings (ICOs) Abandoned with less than $1,000 in trade volume over a three-month period Scams or coins that were meant to be a joke Crypto coins dead from 2013 to 2022

While many familiar Litecoin, Dogecoin, and Ethereuma crypto coins are still in the market today, there were at least 2,383 crypto coins that bit the dust between 2013 and 2022.

Here is a breakdown of the number of cryptocurrencies that die each year by reason:

Dead Coins by Year Abandoned / No Volume Scams / Other Issues ICO Failed / Short Duration Joke / No Goal 020771990 2021343622 2022502382 Total1 58452823833

Abandoned coins with equal transaction volume accounted for 1,584 or 66.5% of analyzed crypto failures over the past decade. Comparatively, 22% ended up being scam coins and 10% failed to launch after an ICO.

When it comes to individual years, 2018 saw the highest annual death toll in the crypto market, with 751 dead crypto coins. More than half of them were abandoned by investors, but 237 coins were exposed as scams or embroiled in other controversies, such as BitConnect which turned out to be a Ponzi scheme.

Why was 2018 such a great year for crypto chess?

This is largely because the previous year Bitcoin prices surged above $1,000 for the first time with an eventual peak near $19,000. As a result, speculation intensified, new crypto issuances surged, and many investors and companies became bullish in the market for the first time.

How many newly tossed coins died?

Of the hundreds of coins launched in 2017, more than half were considered lapsed by the end of 2022.

Indeed, many previously launched coins have since died. The majority of coins launched between 2013 and 2017 have already become “dead coins” by the end of 2022.

Year of start of partsDead parts by 2022 201366.67% 201476.54% 201568.42% 201660.87% 201757.14% 201827.62% 20194.74% 20201.03% 20210.59% 20220.06 %

This was partly because the cryptocurrency field itself was still being discovered. Many coins were released in a time of experimentation and innovation, but also volatility and uncertainty.

However, the trend started to change in 2018. Only 27.62% of coins launched that year have bitten the dust so far, and failure rates in 2019 and 2020 have dropped further to just 4.74. % and 1.03% of coins flipped, respectively.

This suggests that the crypto industry has become more mature and stable, with new projects establishing themselves more securely and investors becoming more aware of potential scams.

How will this trend evolve in 2023 and beyond?

This article was published as part of Visual Capitalist’s Creator Program, which features data-driven visuals from some of our favorite creators from around the world.

[ad_2]