Less than Half of the Top 100 Cryptocurrencies Provide Real Value Working Products • Live Bitcoin News

A study looking at the top 100 cryptocurrencies has found that less than half provide a useful function or ‘real value’ to the public.


A Small Number of Cryptos Deliver a Valuable Function

The research was conducted by Invest in Blockchain on August 14th. It researched the top 100 cryptocurrencies by market cap to determine which, if any, actually had working products that provide real value.

Notably, at the time, it found that only 36 out of the top 100 have working products. Some of the top crypto assets looked at included Bitcoin, Ethereum, Ripple, Bitcoin Cash, Stellar, and Litecoin. A few lesser-known ones featured were Decred, KuCoin Shares, Komodo, PIVX, and Bibox Token. These are just a few that are considered to deliver real value. The research authors noted:

We evaluated each project’s status, looked at its roadmap, checked its release history, and compared completed features to what the team promises to deliver in the future.

When questioning what a working product is, the study stated:

A working product is active and available to the public. Its mainnet has likely been released for some time, bumping the version numbers well above 1.0. Businesses and individuals use it on a daily basis for dapps, smart contracts, or digital currency transactions.

Additionally, the research pointed out that there are many projects in the top 100 that have launched their mainnet. As such, they can claim to have a “working product.” The study does not include these. This is due to the fact that they aren’t used by any “significant measure.” The study adds:

In other words, the mere existence of a product does not necessarily mean that the product is working.

Interestingly, the authors note that without the existence of Bitcoin, their list would not exist.

Just over a third of the top 100 cryptocurrencies provide working real value.

Is the Sun Setting with Cryptocurrencies?

The report comes at a time when the market has been struggling of late.

At the time of writing, Bitcoin is valued at $6,473, according to CoinMarketCap. This represents a near seven percent rise in seven days. Ethereum has fallen below $300 and is currently trading at $285. Its price drop below $300 earlier this month marked the first time in nine months.

Other crypto assets have also seen a fall in value since the start of 2018. These include Bitcoin Cash and Litecoin. Ripple’s XRP token, however, has seen a near 30 percent rise in the past seven days. It’s currently ranking in third place by market cap.

With market sentiment impacting industry prices, some are of the opinion that the tide is changing. One such individual is Jim Cramer, host of CNBC’s Mad Money. He recently said that the “tide has turned against [Bitcoin].” However, according to Meltem Demirors, chief strategy officer at digital asset manager CoinShares, traction and growth will boost the value of Bitcoin.

Do you think there are more cryptocurrencies that have working products and which provide real value? Let us know in the comments below.


Images courtesy of Shutterstock.

Tags: , , , ,

read original article here