Hundreds of cryptocurrencies are now dead

Why does this not surprise me?

Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead...

There has been an explosion in ICOs. Companies raised $3.8 billion via ICOs in 2017, but in 2018 so far, this number has already shot up to $11.9 billion, according to CoinSchedule, a website that tracks the market.

However, hundreds of these projects are now dead because they were scams, a joke or the product hasn't materialized. Dead Coins is a website that lists all the cryptocurrencies that fall into those categories. So far, it has identified just over 800 digital tokens that it considers dead. These coins are worthless and trade at less than 1 cent.

Bitcoin, which is the biggest cryptocurrency by market capitalization or value, has also had a tough year. The price of bitcoin has fallen roughly 70 percent since its record high near $20,000 last year...