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Cryptoverse shrinks by 1,700 in a year

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The total number of cryptocurrencies dropped by 1,700 year-over-year, falling to 8,704 as of last week, from an all-time high of almost 10,400 a year ago, according to data presented by BitcoinCasinos.com.

For years, the ‘cryptoverse’ has seen a surge in cryptocurrencies, but the prolonged crypto winter caused the biggest drop in their number, and the negative trend is still on.

Anyone can create a cryptocurrency, but the process requires time, resources and advanced technical knowledge. The main options are creating your blockchain, modifying an existing one, establishing a coin on an existing blockchain, or hiring a blockchain developer.

But, making crypto is one thing. Maintaining it and growing it over time is far more challenging.

Still, that didn’t discourage investors and opportunists from creating their digital currencies, many of which had no real value. Statista and Investing.com data show the total number of cryptos grew 75 times between 2013 and 2021, jumping from just over 60 to more than 4,500.

1,000 cryptos a month

After the 2021 and 2022 crypto boom, this number more than doubled. With the market adding about 1,000 new cryptocurrencies per month, their total number soared to an all-time high of almost 10,400 in February 2022.

Statistics show the number of digital coins slipped to around 10,000 by August before the crypto winter set off the biggest drop the market has seen. With just over 8,700 digital coins out there as of last week, their number is falling to 2021 levels.

However, the largest cryptocurrencies make up most of the market value.

According to CoinMarketCap data, the world’s five largest cryptocurrencies now make up 75.4% of the total crypto market cap, with a combined value of $809 bln as of last week.

The world’s most expensive crypto, Bitcoin, accounts for 41.6% of the global market cap, with the total value of all BTC coins reaching $445 bln.

Ethereum’s market cap stood at $202 bln last week, making another 18.8% of the total market cap.

The following three cryptos, Tether, BNB, and USD Coin, account for another 15% of the global crypto market value, with a combined market cap of nearly $161.8 bln.