See four biggest disappointments (and one scam) in the cryptocurrency market in 20213 min read
Generally speaking, cryptocurrency investors will have something to celebrate at Christmas. As indicated by the data, most cryptocurrencies will end the year with valuations in the double-digit range. And some, like the Metaverse tokens, actually registered more than 10,000% high.
However, there is the opposite side: the cryptocurrencies that tend to end the year in decline. They even rehearsed expressive valuations, but were eventually more impacted by the corrections. As a result, those who bet on these cryptocurrencies will have a year of heavy losses.
In addition, there are also those cryptocurrencies created specifically to apply scams to their users, and the year has been full of them. So, check out now what were the biggest disappointments (and biggest blow) in the cryptocurrency market in 2021.
Synthetix is a decentralized platform that targets the tokenization of traditional assets such as company shares. It could be used to create tokenized versions of these assets, which would be traded 24 hours a day, just like cryptocurrencies.
The network’s initial objective was to unite two apparently distinct markets, and at first it worked. As interest in tokenization grew, the price of SNX went from $7.50 to peak at $27.07 for the year.
However, the platform found it difficult to remain competitive, which affected the price of the token. As of November, the SNX entered a downward trend and is now worth only $5.68, 79% less than the high price.
Chia Network (XCH)
Chia Network is a blockchain protocol that was born with high aspirations. A programming language itself (Chialisp) different consensus mechanism (space and time test – POST).
As if that wasn’t enough, Chia had plans to be listed on a stock exchange such as the New York Stock Exchange (NYSE) or NASDAQ. Because of these plans, the token hit $1,685 in May, its all-time high.
But the upward movement not only did not continue, it regressed completely. XCH has dropped more than 92% and is currently priced at just $102.15.
The AMPL token was intended to bring all the qualities of BTC to the ETH ecosystem. As described in CoinMarketCap, it was designed to be the foundation money of the new decentralized economy.
Its offer cannot be diluted by inflation – that is, it has a fixed offer – and it intended to have its price uncoupled from other cryptocurrencies.
Although its drop was not as sharp as the others on this list, the token lost more than 50% of its value over the year. The token once cost $2.23 in July, but is now worth just $1. The token also experienced strong volatility throughout the year, but without medium-term profits.
Internet Computer (ICP)
ICP caused a huge furor when it made its debut on May 10 of this year. That’s because its market value soared instantly and hit the Top 10 less than 24 hours after launch. However, no one knew which token this was or who had released it.
ICP was a project that aimed to create a “blockchain computer” and was born with the support of the largest exchanges in the world. But after its launch, the project fell apart. Conflicts, suspicions of bad faith on the part of developers, and even a threat of division negatively affected the ICP.
Consequently, the price of the token went downhill at the same rate as it went up. As of this writing, an ICP is worth US$23.76, down 94.9% from May’s highs.
Squid Token (SQUID)
The year 2021 was marked by the resounding success of the South Korean series Squid Game. The series, which tells the story of 456 players facing bloody games in search of a millionaire prize, ended up inspiring the creation of a cryptocurrency of the same name.
Initially, the SQUID token was just another real-life inspired memecoin, but the success of the series has affected the token. Market value of SQUID surpassed even that of BTC. However, it was all over in just five minutes: the project turned out to be a scam and the developers fled with all the players’ money.
The token is now worth just US$0.10 and will go down in history as one of the most famous scams in the cryptocurrency market.