While most coins are down from their all time high, there are quite a few that have lost anywhere from 90-95% of their value from their ATH. A lot of the coins that lost a significant amount of value were not set to be very successful in the first place. They lacked a real use case, never gained traction during development, bad PR and/or marketing and small exchange listings. Usually this type of drop in value will cause exchanges to delist them due to low liquidity and in time, the coins company will dissolve. Among the list of coins provided by Follow @tradingroomapp there were a few that jumped out that had great fundamentals and could possibly return nice profits in the future. We will discuss those here.
#1 Nano $NANO
Nano had a previous ATH of $36 and currently sits at $2.84. I have written about Nano before, as I felt it was a strong coin with long term use case potential. Nano sits at #38 on the Coin Market Cap with a max supply of 133,248,290. Its low supply has always been a selling point for investors. Previously known as Raiblocks $XRB, it was rebranded at the end of January 2018. Nano actually hit its all time high without being listed on one of the biggest exchanges in the world, Binance. Had Nano been listed during its ATH, there is a really good chance that we would have seen even higher highs and therefore an even bigger loss in value overall.
On February 8th, Bitgrail exchange was hacked and reported 150-195 million dollars worth of Nano was taken. Bitgrail placed the blame on Nano, who in turn placed the blame back on the exchange. I am of the belief that the hack falls on Bitgrail as the reports of the RPC API being used improperly makes the most sense to me. The hack caused a drop in price, ($11 to $8) but it was not the overall cause of the current decline as it bounced back to $16 before eventually dropping its way down to its current low since December of 2017.
The development side of Nano is sound. It offers a block lattice that is both scalable and so far, secure. With zero transaction fees, it makes it a great source for international money transfers to countries and people with very low incomes who cannot afford the fees set by traditional money transfer companies.
While Nano still faces possible legal action, the law firm in the Nano/Bitgrail class action lawsuit is a small firm in Florida who for the most part seems to be trying to make a name in the crypto world as a cryptocurrency firm. The current price doesn’t seem to reflect the possibility of a lawsuit or subsequent “rescue fork” to retrieve the funds, as we still hit prices 5x of the current price with this news prevalent in the media. With a strong market, and legal issues behind, there is no reason, fundamentally, that Nano does not return back to its previous ATH.
#2 QTUM $QTUM
Of the coins currently listed as losing 90-95% of its value, QTUM is one that really jumps out, as it is built on solid tech, with a great team and no major FUD news to cause its drastic price decline. QTUM currently sits at $11, down from its previous ATH of $107. Like Nano, it sits high on the Coin Market Cap at #19. It too has a low supply of 100,664,516 QTUM coins, and is sure to be part of the reason for its high rise in price as early investors saw the potential for a high value coin based on its low total supply.
QTUM is a platform coin, that uses a hybrid of Bitcoin and Ethereum blockchains for its protocol. Unlike ETH and BTC, it uses a PoS consensus mechanism. It is based out of Singapore and already hosts quite a bit of DApps on its platform. Its partnership with SpaceChain (one of its more notable Dapps) was a huge boost for QTUM in February, as it showed the legitimacy of the company and the tech, but unfortunately was not enough to carry the price when the market declined.
QTUM is one of those cases that you cannot pinpoint a certain reason for its decline. It hasn’t had any hacks, bad partnerships or FUD in general that caused it to fall so hard. The potential of the coin in January seemed to pump it beyond what its actual use case value was and as the market corrected, and more platform coins were released (and launching their own mainnets) the competition became tougher for platform coins and the speculative value of QTUM dropped considerably with the market. QTUM has everything that it had going for it when it reached its peak of $107, the question going forward for this coin is can its use case help it reclaim its previous ATH and head to new heights.