Cryptocurrency: Top 5 coins with the biggest drops 1 March 2018
The cryptocurrency markets are readjusting downwards, but some coins are going the extra mile.
It's a relatively red market across the board today, but some coins in particular are dropping especially fast. In most cases, it's probably the usual ups and downs of the cryptocurrency market, but many of these coins might also find themselves being squeezed by newer competitors. But in one particular case, the drop can be attributed to a very specific and unusual event.
These are the coins out of the top 100 coins by market cap with the biggest price drops in the last 24 hours, according to CoinMarketCap.
1. Waltonchain - down 21.7%
Waltonchain is an Internet of Things and supply-chain token that brings its own blockchain RFID chips to the table. It's an extremely promising but competitive area for cryptocurrencies, with several coins in the top 20 by market cap being focused on similar goals.
Waltonchain has now been dropping hour on hour since news broke of their minor Twitter mistake. This drop is more than just usual market fluctuations.
2. Dentacoin - down 19.2%
Dentacoin is a dental coin – a blockchain solution for the dental industry, created by dentists for dentists. Some say its creators have spent too much time sampling their own anesthesia, others argue that it solves a real problem. It's possible that both are correct.
Either way, the staccato price patterns and low trade volume suggest that people are more interested in trading Dentacoin than spending it at the clinic.
3. Pillar - down 16.4%
What goes up, must come down. Pillar has seen decent gains in recent days, but it doesn't seem to have lasted.
This token is designed to present an identity solution, putting users at the centre of their personal information like a pillar. Many other cryptocurrencies and blockchain systems are being designed around the exact same principles though, and in the end there might only be one.
4. Ardor - down 13.9%
Ardor, of the paired Ardor and Ignis system, is a business-solutions blockchain with a focus on flexible features and limitless scalability delivered through a system of linked child-chains.
But it's being squeezed by a lot of competition from other cryptocurrencies as well as from non-crypto providers like IBM and Microsoft. Also, business-blockchain systems are still more a part of the future than the present.
5. Bytecoin - down 13.4%
This is a privacy coin created in 2014. It remained relatively unknown compared to its counterpart/competitor Monero but saw substantial gains throughout 2017 like most other cryptocurrencies. Despite being relatively overshadowed by the many other privacy coins, it still maintains a fairly substantial trade volume and might be seeing actual use.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC and NANO.
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