Bitcoin Outlasts the Rest: Standout Survivor in Cryptocurrency Landscape

• CoinKickoff released a report which demonstrated the failures of various altcoin projects throughout the years and how Bitcoin is the standout survivor.
• 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned, with 2018 being the deadliest year in cryptocurrency history.
• Despite the onslaught of altcoins, Bitcoin persists with a steady climb in hash rate, over 1 million addresses now holding one bitcoin or greater, and over $14 trillion in annual transaction volume.

Cryptocurrency has been a roller coaster ride for those who have been involved for the past few years. With rapid increases in value, to devastating crashes and the influx of thousands of altcoins, the market has been filled with both exhilaration and disappointment. But one currency has been the standout survivor throughout it all: Bitcoin.

Recently, CoinKickoff released a report which demonstrates the failures of various altcoin projects throughout the years and how Bitcoin is the standout survivor. According to their data, 91% of the coins that were present for the 2014 cryptocurrency market crash are now entirely abandoned. A large portion of coins that are now dead were created in 2017, with 704 now-dead coins being created that year. The crown for the single most deadly year in cryptocurrency history goes to 2018, during which 751 coins became defunct. Reasons for the death of these projects range from being a scam or other related issues, being a joke or having no purpose, being an ICO or short-lived scheme, or simply running entirely out of volume.

Despite all of this, Bitcoin continues to persist. Hash rate, which measures the amount of computing power being used to secure the network, has been steadily increasing, now up to 270 EH/s according to Hashrate Index. Moreover, more than 1 million addresses now hold one bitcoin or greater, although it should be noted that Bitcoiners may use multiple addresses. Beyond that, over $14 trillion in annual transaction volume was carried over the Bitcoin network the past year, a 13,900% increase from 2015’s transaction volume. These metrics indicate that the Bitcoin network is growing, while altcoins which hope to ride on its coattails simply have no longevity.

The resilience of Bitcoin can be seen through the various events the network has withstood. The Blocksize Wars, for example, was an existential attack on the network which threatened its existence. Bitcoiners, however, stuck together and found a compromise, allowing the network to survive. This resilience is just one example of how Bitcoin is the standout survivor.

Overall, CoinKickoff’s data demonstrate that Bitcoin is the standout survivor throughout the tumultuous cryptocurrency landscape. The amount of altcoins that have failed and become entirely abandoned is staggering, yet Bitcoin persists with its growing hash rate, over 1 million addresses now holding one bitcoin or greater, and over $14 trillion in annual transaction volume. Metrics like these continually demonstrate the strength of the Bitcoin network, and its ability to withstand the ups and downs of the industry.