Digital Currencies That Survived Crypto- Market Meltdown
Tether is considered to be one of the most criticized digital currencies on the crypto space. Its tokens are fully backed by fiat currency assets that the company holds in its reserve account. This coin avoided the fall and was up almost 2 % trading at $1,03. However, the cryptocurrency is centralized as it is fully dependent on the US dollar. And digital money is liked because it’s deregulated. Also the report says that $31 million in tether was stolen last year.
The digital currency called Siacoin has grown over 12 percent to $0,046. It is similar to Google Drive as a cloud data storage service. The difference is that the storage itself is decentralized. However, the cryptocurrency’s creators and owners are known – they are IT company Nebulous Inc. We see that this virtual coin is centralized and hierarchical itself and users don’t like it preferring bitcoin, which is decentralized.
SmartCash was a spin-off from the zcoin project and is the only digital currency on this list without a centralized status. On Wednesday it reached almost 30 % , but soon dropped about 12 %. We can say, that its dynamics chart was reminiscent of a typical “pump-and-dump strategy.” Jumping from $0.35 to $2.66, soon it fell down below $1, but is being pumped again.