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

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The quantity of realized digital currencies flooded from 6,000 in July 2021 to 10,400 in February 2022 preceding dropping to around 10,000 by August. Just five digital currencies presently represent more than 75% of the whole crypto industry market capitalization.

A Thousand Cryptocurrencies Added Every Month

As per the information from Augusta Free Press, the quantity of realized digital currencies went up from 6,000 in July 2021 to around 10,400 by February 2022. Be that as it may, this number had dropped to around 10,000 by August 2022, the information uncovered.

Prior to flooding past the 10,000 imprints, the quantity of digital currencies — as per a concentrate by Statista and Investing.com — had developed from 60 of every 2013 to north of 4,500 by 2020. As shown by the information, in the period somewhere in the range of 2021 and 2022, the quantity of cryptographic forms of money has multiplied.

Commenting on this exceptional development in the quantity of cryptographic forms of money added, the Augusta Free Press report said:

In the primary portion of 2021 just, 1,500 new advanced coins entered the market, with their number ascending to north of 6,000 in July. Toward the finish of last year [2021], the market was adding around 1,000 new digital currencies every month, with their complete number arriving at 9,900 in January 2022.

Five Cryptos Account for Over 75 of Market Cap

Regardless of this flood in the quantity of digital currencies, only five digital currencies represent more than 75% of the crypto business' absolute market capitalization. At the hour of composing, bitcoin, which verged on coming to $70,000 in November 2021, was exchanging at just underneath $20,000 and had a market capitalization of more than $377 billion. With this market capitalization bitcoin represents 40% of the whole crypto market cap.

Ethereum, the following highest level digital money by market capitalization, represents 20% of the absolute market cap. Finishing the main five positioned digital forms of money are the stablecoins tie and USDC as well as BNB. This implies that the remainder of roughly 10,000 digital currencies just record for only 24% of the all-out market capitalization.

Despite the fact that the Augusta Free Press report seems to recommend that the quantity of digital forms of money just went past the 10,000 imprints in 2022, the crypto market cap aggregator coinmarketcap.com has 20,797 recorded coins, while the stage coingecko.com has 12,892.
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