Crypto winter has hit enthusiasts hard in 2022.
The falling price of cryptocurrencies along with the recent FTX collapse has shaken consumer confidence in digital assets
Since the creation of Bitcoin in 2009, the crypto market has evolved from just a handful of digital coins to over 10,000 coins. The number of cryptocurrencies peaked at 10,397 in February 2022. At the time, the price of Bitcoin was around $43,193.23 USD on Feb. 28, 2022.
However, since then, the price of Bitcoin has plummeted 63.5% and the outlook for the future suddenly looks bleaker than ever.
Sourcing data from Statista, Safe Betting Sites examine the number of cryptocurrencies to see if consumer confidence is waning in the crypto market.
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The number of Cryptocurrencies Have Dropped 11% Since February 2022
From 2021 to 2022, the number of cryptocurrencies had more than doubled in a single year. By the end of 2021, the crypto market was adding almost 1,000 new currencies every month.
While the growth rate was astonishing, it wasn’t necessarily a great thing. Since there is such a low bar to create a cryptocurrency, many new tokens have no purpose other than making the developer money.
While there are now more than 9,310 cryptocurrencies available in November 2022, that number is down from the highs set earlier in the year. Since February 2022, the number of cryptocurrencies has fallen by 11%.
In February 2022, there were more than 10,397 cryptocurrencies, an all-time high, in circulation. Since then, about 1,100 cryptocurrencies have fallen off the market.
Number of Digital Coins Fall For the First Time Since August 2021
The number of digital coins nearly doubled in 2021. The number of cryptocurrencies on the market reached a high of 6,044 cryptocurrencies in July 2021.
In August, the number of cryptocurrencies on the market fell for the first time, dropping four percent from its July peak. However, the market rebounded and began an upward trend shortly after, reaching a new high of 6,826 cryptocurrencies by October 2021.
Cryptocurrencies have been rapidly expanding ever since, as the number of crypto coins in circulation reached over the 10,000 mark in February 2022.
The crash in November 2022 was two times as large as the decline in August 2021. It took almost three months for the market to bounce back, which could mean that crypto fans might see the number of digital tokens increase in the middle of 2023.
Top-20 Cryptocurrencies Make Up 90% of the Total Crypto Market
While it’s not hard to introduce a new cryptocurrency to the market, most successful cryptocurrencies still have a purpose or goal. Developers from successful tokens like Bitcoin use cryptocurrencies in conjunction with blockchain technology to solve real-world problems.
In fact, the top 20 cryptocurrencies make up 90% of the total crypto market.
Check out the chart for a breakdown of the top 20 cryptocurrencies by market cap below.
|Rank||Name||Symbol||Price (USD)||Market Cap|
|20||UNUS SED LEO||LEO||3.8161||$3.64B|