New Study Says Number of Cryptocurrencies Now 10,000 – Five Coins Account for 75% of Total Market Cap – Featured Bitcoin News

The number of known cryptocurrencies increased from 6,000 in July 2021 to 10,400 in February 2022 before falling to around 10,000 by August. Just five cryptocurrencies currently account for over 75% of the entire crypto industry’s market capitalization.

A thousand cryptocurrencies added every month

According to the Augusta Free Press data, the number of known cryptocurrencies went up from 6,000 in July 2021 to around 10,400 by February 2022. However, this number had dropped to around 10,000 by August 2022, the data revealed.

Before rising 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. As shown by the data, in the period between 2021 and 2022, the number of cryptocurrencies has doubled .

Regarding this phenomenal growth in the number of cryptocurrencies added, the Augusta Free Press report said:

In the first half of 2021 alone, 1,500 new digital coins entered the market, and the number rose to over 6,000 in July. At the end of last year[2021]added about 1,000 new cryptocurrencies to the market every month, and their total number reached 9,900 in January 2022.

Five cryptos account for over 75 of the market capitalization

Despite this increase in the number of cryptocurrencies, only five cryptocurrencies account for over 75% of the crypto industry’s total market capitalization. At the time of writing, bitcoin, which approached $70,000 in November 2021, was trading for just under $20,000 and had a market cap of over $377 billion. With this market cap, bitcoin makes up 40% of the entire crypto market cap.

Ethereum, the next top-ranked cryptocurrency by market capitalization, accounts for 20% of the total market capitalization. Stablecoins tether and USDC as well as BNB complete the top five ranked cryptocurrencies. This means that the remaining approximately 10,000 cryptocurrencies only account for only 24% of the total market capitalization.

Although the Augusta Free Press report seems to suggest that the number of cryptocurrencies only passed the 10,000 mark in 2022, the crypto market value aggregator coinmarketcap.com has 20,797 listed coins, while the platform coinecko.com has 12,892.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.