The cryptocurrency market is going through a very tough time as the volatility is very high during this period. The Crypto market experts predict that the bigger cryptos can sustain the volatility but it will be difficult for the smaller ones to stay in the industry.
While talking to CNBC, the industry experts said that many cryptocurrency platforms will die amid falling prices in the industry.
There are over 19,000 cryptocurrencies available in the market and we know hardly the name of dozens and the market is not going to support so many platforms. This means the cryptos will collapse when the people will withdraw the funds and use them in more secure cryptos.
The bigger ones like- Bitcoin, Ethereum, and Tether have the certainty to stay in the market but as a result of an apocalyptic event in the crypto market, the smaller ones will be wiped out.
As a part of distributed technology, it is very hard for a cryptocurrency to just stop existing rater it will just be worthless. This will definitely help the industry to clean up the growing market clutter. But it can also remove the legitimate platforms which is a drawback of this event.