Loom Network, an Ethereum-centric cryptocurrency, was recently proclaimed officially dead

The cryptocurrency industry has seen a significant recovery following the price collapse caused by the fear of COVID-19 in mid-March. However, while the majority of the coins — especially larger ones — did see significant growth, that did not include all cryptos. An altcoin that only two years ago had a market capitalization of over $ 400 million was officially declared dead. The project in question is called Loom Network (LOOM).

Loom Network bites the dust: A good start and a disappointing end

LOOM is an Ethereum-centric project that is now officially proclaimed dead by the top developer in the space. The project is not very well known, although its market capitalization increased to nearly half a billion by early 2018. However, the past two years have been unkind to the Loom network and the token’s market cap currently sits below $ 16 million.

While most other cryptocurrencies have dropped in 2018, but are currently on their way back to their ATH, Loom is still down 95%. For example, Bitcoin is about half that of its ATH, which almost went through two-thirds of that path a year ago, in mid-June 2019.

Besides, the dead project came from a leading developer, Bruno Skvorc. Skvorc. He said as much in his recent tweet, published yesterday, May 8th.

He noted that:

“All of the project’s social media channels are gone, and only a brief check confirmed that this is correct.”

The project was previously declared dead in March of this year. Earlier, it was a fund called Stake Capital that called it, noting that quite a few officials had abandoned the project.

Loom promised to be a Platform as a Service startup focused on helping developers build and launch scalable decentralized applications, with it largely involving the Ethereum project over its lifetime. Loom’s premise was to allow Ethereum-based applications to run on side chains or other chains, according to Paradigm, and LOOM is also an Ethereum-based token.

Money is moving into Bitcoin

The recent period did not see a lot of coins ‘die,’ despite coronavirus pandemic. In fact, Loom seems to be the only one. Even so, it is becoming clear that Bitcoin is the only cryptocurrency that is actually seeing a true positive performance.

Some traders even pointed out that the coin seems to be separate from the rest of the market. As such, it is performing better than most other cryptocurrencies, especially as investors are turning to buy now, with a halving to just a few more days.

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