The total number of cryptocurrencies known increased from 6,001 in July 2021, to 10,400 by February 2022. It then dropped to 10,000 in August. Five cryptocurrencies account for more than 75% currently of total crypto industry capitalization.
Each Month, Thousands of Cryptocurrencies are Added
Augusta Free Press’ data revealed that there were approximately 10,400 cryptocurrencies by February 2022, up from just 6,000 in July 2021. The data showed that this number was only 10,000 as of August 2022.
Before surging past the 10,000 mark, the number of cryptocurrencies — according to a study by Statista and Investing.com — had grown from 60 in 2013 to over 4,500 by 2020. Data shows that cryptocurrencies have doubled in value between 2021-2022.
Augusta Free Press reports on the incredible growth of the number of crypto currencies added.
Only 1,500 digital coins were introduced to the market in the first half 2021, and their numbers grew to more than 6,000 by July. The end of the last yearThe market added approximately 1,000 new crypto currencies each month. Their total reached 9,900 by January 2022.
Five cryptos account for more than 75 percent of market cap
Despite this surge in the number of cryptocurrencies, just five cryptocurrencies account for over 75% of the crypto industry’s total market capitalization. The market capitalization for bitcoin was over $377B at the time of this writing. Bitcoin had just crossed $70,000 by November 2021. This market capitalization makes bitcoin 40% of all crypto market capital.
Ethereum accounts for 20%. It is the top-ranked cryptocurrency according to market capitalization. The stablecoins USDC and tether complete the top five most ranked cryptocurrency. The remaining 10,000 cryptocurrencies account for only 24% of total market capitalization.
Augusta Free Press reports that the total number of cryptocurrencies has not exceeded 10,000 in 2022. However, coinmarketcap.com, the crypto market cap aggregator, has 20,797 listed currencies, and coingecko.com 12,892.
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