After all, how many cryptocurrencies are there?

Deepak Gupta February 16, 2022
Updated 2022/02/16 at 7:31 AM

With the expansion of digital investments, say cryptocurrencies, NFT projects and the like, we have seen the emergence of more and more virtual currencies that can be exchanged in the real world. In addition to the more well-known ones, such as Bitcoin and Ethereum, we can find NFT gaming coins and others that the vast majority of the public does not even hear about. But, after all, how many cryptocurrencies are there currently?

To be blunt: there is a very high number of cryptocurrencies registered in the virtual environment. However, there is no clear consensus among tracking systems to arrive at an “exact” number, as each may use a different method to add cryptos to their systems.

THE Coinbase, one of the largest digital “exchange exchanges”, for example, registers around 9,500 different cryptocurrencies. already the CoinMarketCap (CMC)a cryptocurrency price tracking website, has a similar number in its index (approximately 9,360), but it shows at the top of its homepage that there are 17,567 cryptocurrencies out there at the time of writing.

Despite this, not all existing cryptocurrencies are in fact “true”. TokenSniffer, a coin scanning website that scans different blockchains to find all new tokens, has historically detected 1,210,508 tokens, but over 82,000 are basically scams. Similarly, the CoinGecko team said that there are over 500,000 crypto tokens, but most are either out of circulation or spam.

Furthermore, CoinMarketCap says it is easy to create a token and list it on centralized exchanges such as SushiSwap or UniSwap. Graphics of statist show that between January and February of this year, around 470 cryptocurrencies emerged. Another point is that many of the tokens created have an overall trading volume of just a few hundred dollars, which means there is almost no activity.

At the end of the day, we have a pretty vague answer as to how many cryptocurrencies there are on the market so far. We know which are the main ones and which move most of the money (the top 20 cryptocurrencies are believed to represent almost 90% of the total market), but the numbers rise daily, given the public interest in this type of investment in recent times.

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Via: The Next Web

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