The variety of recognized cryptocurrencies surged from 6,000 in July 2021 to 10,400 in February 2022 earlier than dropping to round 10,000 by August. Solely 5 cryptocurrencies at the moment account for over 75% of the whole crypto trade market capitalization.
A Thousand Cryptocurrencies Added Each Month
In keeping with the info from Augusta Free Press, the variety of recognized cryptocurrencies went up from 6,000 in July 2021 to round 10,400 by February 2022. Nonetheless, this quantity had dropped to round 10,000 by August 2022, the info revealed.
Earlier than surging previous the 10,000 mark, the variety of cryptocurrencies — in keeping with a examine by Statista and Investing.com — had grown from 60 in 2013 to over 4,500 by 2020. As proven by the info, in the interval between 2021 and 2022, the variety of cryptocurrencies has doubled.
Remarking on this phenomenal progress in the variety of cryptocurrencies added, the Augusta Free Press report mentioned:
Within the first half of 2021 solely, 1,500 new digital cash entered the market, with their quantity rising to over 6,000 in July. On the finish of final yr[2021], the market was including about 1,000 new cryptocurrencies every month, with their complete quantity reaching 9,900 in January 2022.
5 Cryptos Account for Over 75 of Market Cap
Regardless of this surge in the variety of cryptocurrencies, simply 5 cryptocurrencies account for over 75% of the crypto trade’s complete market capitalization. On the time of writing, bitcoin, which got here near reaching $70,000 in November 2021, was buying and selling at slightly below $20,000 and had a market capitalization of over $377 billion. With this market capitalization bitcoin accounts for 40% of the whole crypto market cap.
Ethereum, the subsequent top-ranked cryptocurrency by market capitalization, accounts for 20% of the overall market cap. Finishing the highest 5 ranked cryptocurrencies are the stablecoins tether and USDC in addition to BNB. Which means that the remainder of roughly 10,000 cryptocurrencies solely account for simply 24% of the overall market capitalization.
Despite the fact that the Augusta Free Press report seems to recommend that the variety of cryptocurrencies solely went previous the 10,000 mark in 2022, the crypto market cap aggregator coinmarketcap.com has 20,797 listed cash, whereas the platform coingecko.com has 12,892.
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