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CoinCodeCap, a digital currency blog, recently compiled an analysis of different cryptocurrencies after monitoring their development in 2019. The study consisted of checking the growth of over 2,000 digital currencies, and attempted to find out how many of them have made no significant development.
Publicly available data on all cryptocurrencies currently on the market is not accessible, and was a minor limitation in the study. In the end, the group was only able to acquire market cap for 299 virtual coins out of the total 640 virtual coins in the study while obtaining information regarding exchanges for only 282 virtual coins out of 640.
The study primarily found that at least 640 digital currencies failed to publish any new code this year. It also found that YoBit, a cryptocurrency exchange platform, is the top digital asset exchange for digital coins without code, listing 62 such cryptocurrencies. The aggregate market capitalization of all these 640 cryptocurrencies exceeds $415 million.
Proton Token, a cryptocurrency that has the highest market cap among the list with a valuation of almost $85 million, has yet not published a single code since last year.
Since all the digital assets are displayed on their codebase, regularly monitoring the activities of these codebases becomes crucial for the consumers and investors to build trust. Consistent developments in the digital base shows that the company is actively making effort to satisfy investors and to push its technology forward.
640 digital assets out of the 2,000 cryptocurrencies analyzed showed no progress by not developing a single line of code this year. A lot of these digital assets have a high market cap value, exceeding million on crypto trading platforms.
Last year, only 466 out of 640 cryptocurrencies updated their projects. 83 in the year 2017 and 91 during and even before the year 2016. Some virtual coins like BQTX have almost no code on their Github page but have reached the staggering market capitalization of over $45 million on cryptocurrency exchanges.
Crypto Exchanges Make Little Profit; Require Large Sums to List Cryptocurrencies
Typically, investors are informed about the digital assets listed on different crypto exchanges, but many trading platforms are now exploiting this trust to benefit themselves. YoBit, previously mentioned, has 62 inactive assets on its platform followed by CoinExchange with 39 inactive assets.
Since the majority of the crypto exchanges are not able to generate enough profit by trading digital currencies, they have started looking at ways to benefit themselves by charging large sums to list different digital coins. This practice can be very dangerous for the foundation of digital currencies and can easily drive investors away.