The variety of identified cryptocurrencies surged from 6,000 in July 2021 to 10,400 in February 2022 earlier than dropping to around 10,000 by August. Solely 5 cryptocurrencies presently account for over 75% of your complete crypto trade market capitalization.

A Thousand Cryptocurrencies Added Each Month

In line with the knowledge from Augusta Free Press, the variety of identified cryptocurrencies went up from 6,000 in July 2021 to around 10,400 by February 2022. Nonetheless, this quantity had dropped to around 10,000 by August 2022, the information revealed.

Earlier than surging previous, the ten,000 mark, the variety of cryptocurrencies — based on research by Statista and Investing.com — had grown from 60 in 2013 to over 4,500 by 2020. As proven by the information, within the interval between 2021 and 2022, the variety of cryptocurrencies has doubled.

Remarking on this phenomenal development within 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 whole quantity reaching 9,900 in January 2022.

5 Cryptos Account for Over 75 of Market Cap

Regardless of this surge within the variety of cryptocurrencies, simply 5 cryptocurrencies account for over 75% of the crypto trade’s whole market capitalization. At the time of writing, bitcoin, which got here near reaching $70,000 in November 2021, was buying and selling at just under $20,000 and had a market capitalization of over $377 billion. With this market capitalization bitcoin accounts for 40% of your complete crypto market cap.

Ethereum, the following top-ranked cryptocurrency by market capitalization, accounts for 20% of the whole market cap. Finishing the highest 5 ranked cryptocurrencies are the stablecoins tether and USDC in addition to BNB. Because of this the remainder of the roughly 10,000 cryptocurrencies solely accounts for simply 24% of the whole market capitalization.

Even though the Augusta Free Press report seems to counsel that the variety of cryptocurrencies solely went previous the ten,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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Terence Zimwara is a Zimbabwe award-winning journalist, creator, and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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