For years, the crypto space has seen a surge in cryptocurrencies, with their total number hitting an all-time high of almost 10,400 a year ago. However, the prolonged crypto winter caused the biggest drop in the number of cryptos, and the negative trend is still on.
According to data presented by BitcoinCasinos.com, the total number of cryptocurrencies dropped by 1,700 year-over-year, falling to 8,704 as of last week.
Total Number of Cryptocurrencies Falling to 2021 Levels
Anyone can create a cryptocurrency, but the process requires time, resources, and advanced technical knowledge. The main options are creating your blockchain, modifying an existing one, establishing a coin on an existing blockchain, or hiring a blockchain developer. But, making crypto is one thing. Maintaining it and growing it over time is far more challenging.
Still, that didn’t discourage investors and opportunists from creating their digital currencies, many of which had no real value. Statista and Investing.com data show the total number of cryptos grew 75 times between 2013 and 2021, jumping from just over 60 to more than 4,500.
After the 2021 and 2021 crypto boom, this number more than doubled. With the market adding about 1,000 new cryptocurrencies per month, their total number soared to an all-time high of almost 10,400 in February 2022.
Statistics show the number of digital coins circulating in the crypto slipped to around 10,000 by August before the crypto winter set off the biggest drop market has seen. With just over 8,700 digital coins out there as of last week, their number is falling to 2021 levels.
Only Five Cryptocurrencies Make up 75% of Total Market Value
Although there are more than 8,700 digital coins circulating in the crypto space, the largest cryptocurrencies make up most of the market value.
According to CoinMarketCap data, the world`s five largest cryptocurrencies now make up 75.4% of the total crypto market cap, with a combined value of $809bn as of last week.
The world`s most expensive crypto, Bitcoin, accounts for 41.6% of the global crypto market cap, with the total value of all BTC coins reaching $445bn.
Ethereum`s market cap stood at $202bn last week, making another 18.8% of the total market cap. The following three cryptos, Tether, BNB, and USD Coin, account for another 15% of the global crypto market value, with a combined market cap of nearly $161.8bn.