About 1,100 cryptocurrencies have fallen off the market, since February 2022
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, according to SafeBettingSites.
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%.
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.
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.
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
