According to data collected by Coinopsy, which tracks cryptocurrency failures, around 2,094 crypto coins have failed and gone bust wiping out investors' money despite most of the coins enjoying good fanfare and support previously.
The cryptocurrency market is experiencing a blood bath. Every single crypto listed in the market is trading deep in red and some have slipped significantly low in prices that might take years to recover to its previous highs or might not even exist.
The crash comes after several warnings from financial analysts saying the crypto market isn't regulated. Internal trading along with other illegal activities run rampant, which doesn't meet the eye of the day-to-day investor.
Previously, Ripple (XRP) cryptocurrency's CEO Brad Garlinghouse predicted a day would come when the crypto market would be battered to its knees and newer coins which sprung up like mushrooms might not even exist in the future and could even turn to $0 swallowing entire investments.
Garlinghouse had also predicted that 99% of the cryptocurrencies trading in the market might not even exist in a few years down the line and there's high probability that they might turn to $0.
''I think anytime there's a new market, there are a lot of people who run into that market to show that they can solve a problem and deliver customer needs. I have said publicly before that 99% of crypto probably goes to zero," said XRP's CEO Brad Garlinghouse during an interview with Bloomberg.
What Will Happen to the 1% Of Crypto Coins That Survive?
Now that there are hundreds of crypto coins in the market that have launched 'just for fun' or call themselves 'meme currencies' will eventually fizzle out as social media trends don't last forever.
Garlinghouse explained that after the market wipes out 99% of cryptocurrencies from its chest, the remaining 1% of the coins that are truly focused on solving real problems for its investors will not only scale but will thrive.
He described the 1% of coins that survive would be ''game-changing'' and believes they are poised to grow in the coming decades and would show real potential and growth.