Market Cap of Crypto Tokens Fall Under $100M, Struggling to be Relevant

The market valuation of ERC20 tokens and low volume crypto have started to fall below the $100 million mark amidst an intense market sell-off and increasing regulatory pressure from the U.S. Securities and Exchange Commission (SEC).

VeChain, Bytecoin, Bitcoin Diamond, ICON, and Qtum have fallen the most against the U.S. dollar in the past 12 months, dropping by 99 percent within a year.

The abovementioned tokens dropped substantially more than other tokens on paper because they achieved multi-billion dollar valuations at their peak.

ICON (ICX), for instance, South Korea’s largest crypto project, was worth $4.3 billion at its peak on January 11. Since then, the market cap of ICX has fallen to $98 million, below the $100 million mark.

Carnage

Most tokens and ERC20 projects have not been able to deliver on their overly vague and unrealistic objectives and business models.

Even projects like ICX, which continued to work with the government of Seoul in an attempt to increase…