How Many Cryptocurrencies Exist? A Jackpot of Wealth Creation

by Luna johnsonMarch 15, 2023
how many cryptocurrencies exist

Since Bitcoin came into existence there are major entrants into the crypto community. Most of them gained massive popularity and word of mouth gave them momentum. After bitcoin gained massive popularity, we saw a rapid increase in the generation of altcoins. To this day, there are countless crypto projects that are making their way into the crypto arena. Some of them are gaining immense popularity while others evaporated completely. To answer the density of the crypto market, many ask about how many cryptocurrencies exist. There are numerous that play a certain role in the field while some could not make or sustain in the market at all. There were some rotten eggs in the lot that appeared as frauds or bogus projects.

Table Of Contents

How Many Coins Are There?

The idea of generating electronic money has remained in discussion in the past. But the ideation of the concept came into being in 2008. Decentralized cryptocurrencies like Bitcoin, Namecoin, Peercoin, and Litecoin are still the most popular among cryptocurrencies. After Bitcoin, Ethereum produced layer 2 solutions and their rewards. No matter how much advancement we see with current cryptocurrencies or what can happen in the coming years. The future does lie with cryptocurrencies.

After Bitcoin came in 2008, till 2013, there were approximately 50 distinct types of cryptocurrencies. By the end of 2014, from 50 cryptocurrencies we reached a 10x gain with 500 different cryptocurrencies. Today there are more than 20,000 cryptocurrencies in circulation. And how far the expansion can take us? And what does the future have for us when it comes to cryptocurrencies?

We will answer this with the help of some key crypto sphere statistics.

· There are around 22,102 cryptocurrencies on different exchanges. This gives an answer to our first posited question of how many cryptocurrencies exist.

· Market capitalization sums to more than $800 billion it can grow as the crypto winter ends up.

· As of 22nd December 2022, the trading volume is up to $24 billion in the last 24 hours.

· Bitcoin dominance is around 40% and Ethereum shares the pie with 18.3%.

· Around twenty coins also called stablecoins are pegged to USD (US Dollar). Some famous ones are Tether, USD Coin (USDC), and Binance USD (BUSD).

· Approximately 16% of the US population has somehow traded and trades in cryptocurrencies.

· In terms of usage, Asia shares the biggest chunk of cryptocurrencies. Asia has 4 times more users than any other continent.

· 95% of the crypto community knows about what Bitcoin is.

However, the above statistics are astonishing in terms of how market growth has happened. There are still many new projects that are happening in the market. We have a few tokens and coins that can be a great deal of investment for you.

What is the Newest Crypto Coin or Coins?

There are numerous projects that promise fruitful returns. But ends up turning out to be completely fake and scam projects. Investors are finding some trustworthy crypto projects. Here is a list of some new cryptocurrencies coming out. As an investor, observer, or analyst, you can keep a close look at these projects and decide where they can land your investments in the future.

· Calvaria (RIA): A play-to-earn (P2E) token. This is now popular for staking, governing, and earning various rewards.

· Ape Coin (APE): A new crypto token that is part of Bored Ape Yacht Club

· Tamadoge (TAMA): An OKX exchange token that is pumping massively.

· FightOut (FGHT): Real-world gym-based cryptocurrency with M2E applications.

· Shiba Inu (SHIB): A community bolstering crypto project.

· Metropoly (METRO): A real estate investment token. Its presale event is live, and you can do your own research on it.

· Battle Infinity (BAT): A decentralized metaverse play-to-earn gaming platform.

· Lucky Block (LBLOCK): A growing global NFT platform for NFT competition.

· Balancer (BAL): An AMM powering exchange created on the Ethereum blockchain

· Dash 2 Trade (D2T): A new cryptocurrency analytics platform-based token.

· Cartesi (CTSI): Token where optimistic rollups for solving high fees and scalability.

While these are some of the new blockchain cryptocurrency coins and tokens that are gaining prominence and traction. There are thousands of cryptocurrencies that have been created, but not all of them are actively traded or widely known. Many of these cryptocurrencies are based on the same underlying technology as Bitcoin, which is known as the blockchain. Bitcoin is the most well-known and widely traded cryptocurrency, but there are many others that have gained some level of popularity and acceptance, including Ethereum, Litecoin, and XRP.

The exact number of cryptocurrencies is difficult to determine because new ones are being created all the time, and some may not have a significant user base or trading volume. In addition, the definition of what constitutes a cryptocurrency can vary, as there are many digital assets that are built on blockchain technology but may not meet all the criteria of a traditional cryptocurrency.

Would This Crypto Bubble Explode or Can We Expect More Growth?

It is unlikely that the existence of a large number of cryptocurrencies would cause the entire cryptocurrency market to collapse. The market for cryptocurrencies is highly decentralized, and the value of individual cryptocurrencies is determined by supply and demand on various exchanges and other marketplaces.

While it is true that the market for cryptocurrencies can be volatile, and the value of individual cryptocurrencies can fluctuate significantly, the market as a whole has shown resilience and has continued to grow despite the emergence of new cryptocurrencies and other challenges.

It is important to note that the value of any cryptocurrency, including Bitcoin, can fluctuate significantly and that investing in cryptocurrencies carries a high level of risk. As with any investment, it is important to carefully consider the potential risks and rewards before deciding to invest in cryptocurrencies.

What will happen to the cryptocurrency market in the future is difficult to foresee. It seems doubtful that the entire cryptocurrency industry would collapse, even while it is feasible that some cryptocurrencies won't be successful or won't have a sizable user base.

Cryptocurrencies are decentralized digital assets that record transactions using secure and open blockchain technology. Cryptocurrencies may continue to be a sustainable and significant component of the financial landscape because many people think they can transform the way we think about money and financial transactions.

It is crucial to keep in mind that the cryptocurrency market is extremely unstable and that the value of specific cryptocurrencies might vary greatly.

Risk Coping Mechanism for Cryptocurrencies Investment

It is important to do your own research before investing in cryptocurrencies because the market for these digital assets is highly volatile and complex. Cryptocurrencies are a new and rapidly evolving asset class, and as such, they may involve a higher degree of risk compared to more traditional investments.

By doing your own research, you can better understand the potential risks and rewards of investing in cryptocurrencies, as well as the factors that may influence the value of these assets. This can help you make more informed investment decisions and reduce the risk of making poor investment choices.

When doing your own research, it is important to consider a range of factors, including the technology behind the cryptocurrency, the team behind its development, the potential uses and applications of the cryptocurrency, and the level of adoption and acceptance it has within the broader market. It is also important to be aware of any regulatory considerations or risks that may be associated with investing in cryptocurrencies.

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