Once-Hot Cryptocurrencies: Where Are They Now?

As an industry, cryptocurrencies move at a breakneck pace. Technological innovations, new entrants into the field, and rapid shifts in regulation have made the digital currency realm a difficult one to keep up with in recent years. Because investors often look to the trendiest coins and tokens for heir investment choices, there seems to be a constant focus on the latest and greatest names making headlines. However, only a handful of digital currencies have seen their long-term popularity outlive the initial hubbub. So what happens to those digital currencies that were trendy in the past but that investors have seemingly forgotten about? Below, we explore some of the previous most-talked-about coins and tokens and see where they are now.

Nem

Nem was the fourth-largest altcoin by market cap in June 2017, but just one year later most people have forgotten about it. It reached up to a market cap of nearly $15 billion at its peak. At that time, January of this year, the price of each token rose to almost $2. However, as of this writing it has tumbled back down to a market cap of $2.2 billion, with the token valued at just over $0.25. Nonetheless, Nem remains in the top 15 cryptocurrencies by market cap at this time.

Ethereum Classic

Ethereum classic, the forked copy of ethereum that took the cryptocurrency world by storm last year, has experienced a fate similar to that of Nem. At its height, this cryptocurrency was in the No. 5 spot on the top digital tokens in the world, with a market cap of over $4.5 billion. Now, with tokens selling for $15.52 each and at just a third of the value they were only months ago, ethereum classic has been relegated to the world of middling cryptocurrencies. It is currently the 18th-largest token by market cap.

Dash

Once one of the most talked about digital currencies, Dash fell from seventh place down to 13th as of this writing. At its peak, this token commanded a market cap of more than $11.6 billion. Now its market cap is just $2.5 billion.

In each of the above cases, the cryptocurrencies in question live on. Indeed, each of these tokens still enjoys widespread trading and support. Are any of them likely to overtake the largest cryptocurrencies to become dominant once again, though? Only time will tell, but it appears unlikely for the time being.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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