Time and again, a lot of investors and cryptocurrency enthusiasts have fallen victim of overestimated digital assets which can be ascribed to inadequate information about all cryptographic projects including a number of coins occupying the first ten positions by crypto market cap.
Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) have maintained the top spot all along due to solid management with comprehensive goals and objectives in place. The notable and successful cryptographic projects are not really focusing on spending expressly on marketing but rather increase user base to enhance adoption.
It is not unusual that cryptocurrency is still skeptical; a lot of people in the world are still in the dark about the functionality and usefulness of cryptocurrencies and blockchain despite that Bitcoin (BTC) has been in existence a long time ago, followed by the emergence of digital assets such as Ethereum (ETH), Ripple’s XRP, Binance (BNB) and a host of others.
The uncertainty surrounding cryptocurrencies is a notable source of discouragement of people with basic knowledge in digital assets.
Nevertheless, some people still believe that every cryptographic project is the “next Bitcoin (BTC)”, giving overestimated digital assets to rally high and be rated higher than deserved coins.
These overrated cryptocurrencies sometimes cause crypto market mishap which probably constituted to the historic bear market of 2018.
Popular cryptocurrency content creator and YouTuber, Tony Vays shared a number of photos in a series of tweets, revealing how crypto enthusiasts overhype useless digital currencies.
1/4 People in #Crypto continue to overestimate legitimacy of useless tokens that make it into the Top 10 (even top 5). Yes, some horrible projects like $XRP & $ETH has been next to #Bitcoin in Forever but look at what else has made top 5 over the years! [My favorites highlighted] pic.twitter.com/MMZB3l2a7W
— Tone Vays [Bali – Financial Summit] (@ToneVays) April 23, 2019
2/4 The above image took a lot of time & I probably missed a few, so I reached out to my friends at @DataLightMe for some raw data on this. Even this list is incomplete as it's hard to identify Top 10 #Shitcoins that no longer exists. [Insanity Highlighted] pic.twitter.com/cJG05CNPDE
— Tone Vays [Bali – Financial Summit] (@ToneVays) April 23, 2019
3/4 You should also check out @DataLightMe's graphic of how the Top 10 has changed over time and realize that #Bitcoin is NOT like the rest.https://t.co/9wDwvt72Zx
— Tone Vays [Bali – Financial Summit] (@ToneVays) April 23, 2019
Investors in cryptocurrency have to put market activities, trends and daily successes to consideration in order to measure the development of a cryptographic project in view. It is not advisable to blindly trust a digital project when you haven’t understood the scope of its success.
Some crypto projects don’t possess the resources to redeem their advertised promises, and this has been making life difficult for investors and dissuading potential suitors.
The general public actually needs proper awareness as we advance into the world of digital assets. Even economic experts and businessmen believe cryptocurrencies will soon be adopted worldwide.
In the course of preparing for the future, cryptocurrency companies must take the responsibility of educating the populace so that they could be enabled to differentiate between genuine and counterfeit cryptographic projects.
Bitcon (BTC), Ethereum (ETH) and others occupy the front row in the crypto market, but there seems to be some coins that undeservedly seat at top 10, they only market for popularity rather than work to expand their user base, they may have gained traction now, but would fail to stand the test of time.
