Many of the Altcoins turned out to be either projects with no future or outright fraudulent schemes. As a result, altcoins are mostly the cause of losses among investors, because, in addition, they take away attention from bitcoin.

Most altcoins have had and still have millions of market capitalizations, meaning that representatives of the cryptocurrency industry have invested enough money in them. Of course, redirecting these funds to Bitcoin would seriously change the current situation with the Bitcoin exchange rate.

For example, projects such as Auroracoin, Paycoin, The DAO, and Bitconnect ended in either failure or a fraudulent scheme. The fraudulent Bitconnect project ceased to exist in 2018.

There are really a lot of "useless" altcoins in the cryptocurrency industry. They attract investors with the possibility of quick earnings due to the relatively high volatility. However, most often altcoins with low capitalization bring only losses and frustration to newcomers in the industry who do not have time to exit the project in time and find themselves in the red.