With the controversial debut of Zcash, decline of Ethereum and the stumbling value of Monero, the Altcoin market has had a relatively underwhelming week in terms of trading volume, price volatility and development. Meanwhile, Bitcoin has shown consistency over the past week, hovering at $736 in most major markets.
Underwhelming performance of Altcoins
A few of the most highly anticipated and supported cryptocurrencies or assets are Ethereum, Zcash and Monero. Similarly, the three digital currencies or assets have strong development communities and cryptography that supports their networks.
However, each network has been dealing with issues that have resulted in the failure of decentralized applications, decline in community support and limited growth in user base.
Only a month after Cointelegraph’s report on the improving performance of Ethereum’s Ether, the network began to face some serious security issues and transactional delays. The inability of the network to deal with and develop resilience to external attacks have led the Ethereum development team to execute yet another hard fork, making the latest “Spurious Dragon” the fourth hard fork of Ethereum within six months.
On Oct. 27, Cointelegraph author Evander Smart
reported that Ethereum was set to become the world’s best performing cryptocurrency or digital asset in 2016, overtaking Bitcoin in terms of growth rate. Unfortunately, various issues with the network have led to a substantial decline in the value of Ethereum.