New study says the number of cryptocurrencies now stands at 10,000: five crypto accounts for 75% of the total market capitalization.
- Data from Augusta Free Press indicates there are 10,000 cryptocurrencies
- According to the study, the increase was 40% last year alone.
- However, the data is different from that of CoinMarketCap which records 20,809 crypto.
Who is right, you may ask yourself when you read this article. A new study on the crypto market claims that there are 10,400 cryptocurrencies, a number much lower than the one reported by CoinMarketCap.
According to data from Augusta Free Press The number of known cryptocurrencies increased from 6,000 in July 2021 to 10,397 in February 2022. However, after the downturn in the crypto market and several project abortions, this number dropped to around 10 000 in August 2022, the data revealed.
Before surpassing the 10,000 mark, the number of cryptocurrencies-according to a study by Statista and Investing.com – had increased from 60 in 2013 to more than 4,500 in 2020. As the data shows, in the period between 2021 and 2022, the number of crypto nearly doubled.
Commenting on this growth in the number of cryptocurrencies added, the report by Augusta Free Press Dijo:
In the first half of 2021 alone, 1,500 new digital digital technologies are these electronic tools that have the ability to generate, store or even process data. coins entered the market, and their number increased to more than 6,000 in July. By the end of last year , the market an area or arena, online or offline, in which commercial dealings are conducted. was adding around 1,000 new cryptocurrencies every month, and their total number reached 9,900 in January 2022. .
Only 5 represent 75% of the market
Despite this increase in the number of cryptocurrencies, only five cryptocurrencies account an account is essentially a whose purpose is to track the financial activities of a specific asset/ for more than 75% of the total market capitalization of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry. Bitcoin, which was close refers to the closing price; similar to the same term used in stock trading. to reaching USD $70,000 in November 2021, is trading at USD $20,267 today at 10:30 am New York time, according to CryptoMarkets . Its market capitalization market of more than USD $387 billion. CoinMarketCap records that Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. accounts for 39.59% of the total crypto market capitalization as of today. However, it came to represent more than 96% of the market in 2013, when there were few coins.
Ethereum, the next highest-ranked cryptocurrency by market capitalization, accounts for 18.80% of the total market capitalization, according to CoinMarketCap. The next highest marketcap cryptocurrencies are thestablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. Tether, la stablecoin USD Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. y BNB of Binance.
According to the study by Augusta This means that the remaining 10,000 or so cryptocurrencies only account for 24% of the total market capitalization.
However, the data from Augusta Free Press do not match those of CoinMarketCap, which has 20,809 cryptocurrencies listed as of today. Meanwhile, the platform a place to buy, sell and store cryptocurrency Coingecko .com has 12,885.
The very disparate data of CoinMarketCap with respect to the other two pages suggest that this platform does not pull from its archives projects that no longer exist or are not working.
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