New Study Says Number of Cryptocurrencies Now at 10,000 — Five Coins Account for 75% of Total Market Cap

The fig of known cryptocurrencies surged from 6,000 successful July 2021 to 10,400 successful February 2022 earlier dropping to astir 10,000 by August. Only 5 cryptocurrencies presently relationship for implicit 75% of the full crypto manufacture marketplace capitalization.

A Thousand Cryptocurrencies Added Every Month

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

Before surging past the 10,000 mark, the fig of cryptocurrencies — according to a survey by Statista and Investing.com — had grown from 60 successful 2013 to implicit 4,500 by 2020. As shown by the data, successful the play betwixt 2021 and 2022, the fig of cryptocurrencies has doubled.

Remarking connected this phenomenal maturation successful the fig of cryptocurrencies added, the Augusta Free Press study said:

In the archetypal fractional of 2021 only, 1,500 caller integer coins entered the market, with their fig rising to implicit 6,000 successful July. At the extremity of past year[2021], the marketplace was adding astir 1,000 caller cryptocurrencies each month, with their full fig reaching 9,900 successful January 2022.

Five Cryptos Account for Over 75 of Market Cap

Despite this surge successful the fig of cryptocurrencies, conscionable 5 cryptocurrencies relationship for implicit 75% of the crypto industry’s full marketplace capitalization. At the clip of writing, bitcoin, which came adjacent to reaching $70,000 successful November 2021, was trading astatine conscionable beneath $20,000 and had a marketplace capitalization of implicit $377 billion. With this marketplace capitalization bitcoin accounts for 40% of the full crypto marketplace cap.

Ethereum, the adjacent top-ranked cryptocurrency by marketplace capitalization, accounts for 20% of the full marketplace cap. Completing the apical 5 ranked cryptocurrencies are the stablecoins tether and USDC arsenic good arsenic BNB. This means that the remainder of astir 10,000 cryptocurrencies lone relationship for conscionable 24% of the full marketplace capitalization.

Even though the Augusta Free Press study appears to suggest that the fig of cryptocurrencies lone went past the 10,000 people successful 2022, the crypto marketplace headdress aggregator coinmarketcap.com has 20,797 listed coins, portion the level coingecko.com has 12,892.

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