EOS, ICP And Two Other Coins Are Going To Struggle With Most Losses In The Coming Bear Market
As the bull market will come to an end in the fall of 2021, top crypto strategist Ben Armstrong points out 4 altcoins with the most bearish scenarios that will struggle in the upcoming month.
“August is here, and with the return of the bears on the horizon, not every coin will survive! During a crypto bear market, the weakest assets will suffer the most losses. You want to make sure that you aren’t holding these 4 altcoins that will fail when the bears come around,”
In 2018, EOS was able to raise an insane $4.2 billion through an ICO that ran for a whole year. According to the trader, although this figure was larger than the three biggest venture funding rounds that year, which were Epic Games, Juul and Uber, EOS was able to raise all this money without a working product.
“The project’s founders promised that it would be much faster and cheaper than Ethereum. But the final product didn’t really live up to the promise and actually didn’t do much of anything,”
Armstrong highlights that only a few applications ended up using the blockchain, and even then, it still faced serious congestion issues which forced many of these applications to switch to other networks.
“At this point, confidence in EOS is at an all-time low,” the trader says.
Internet Computer (ICP)
According to the crypto KOL, the project was shooting for search engine optimization but failed miserably.
Moreover, ICP has experienced some of the most drastic price action that the market has seen this cycle. After launching at around $400, ICP took a massive nosedive all the way down to the $30 range.
The trader highlights that Miguel Morel, the founder of Arkham Intelligence, a crypto analysis firm, told The New York Times that ICP quietly allowed the treasury and insiders to sell billions of dollars of ICP to exchanges while making it extremely difficult for their longtime supporters to access the tokens they were promised.
“The firm found 44 insider addresses that deposited 10 million ICP tokens worth more than $2 billion to exchanges around the same time of the price crash. Meanwhile, all the retail investors who contributed to the ICO were unable to access their tokens and got stuck holding the bag for the insiders.”
“Bitcoin SV has been the butt of many jokes in the crypto industry over the years, and it’s not just because maxis hate forks,”
Armstrong explains that Bitcoin SV’s founder, Craig Wright, claims to be Satoshi Nakamoto, the anonymous creator of Bitcoin, even though he doesn’t have any proof.
The BSV network has also been facing some serious security problems recently. Throughout the month of July, a string of attacks were leveled against the BSV network by hackers who are able to exploit a double-spend bug.
“The attacks caused many exchanges to temporarily suspend deposits and withdrawals. And in some cases, BSV has even been delisted over security concerns.”
BCH was born of the small-block-big-block schism in 2017 that rocked the Bitcoin community. Bitcoin Cash has bigger blocks in its chain, which means it can process more transactions per second than Bitcoin.
“But just as the crypto dust was settling, Bitcoin Cash had another contentious hardfork over block size again,” the trader says.
He adds: “Always living in the shadow of BTC is going to leave Bitcoin Cash out in the cold when the winter sets in.”