After their mixed performance in the first months of the year, cryptocurrencies turned 2024 into one of their best years so far.
Regulatory clarity in major markets like the United States and Europe, Ripple’s legal wins, and Bitcoin ETF approvals have boosted investor confidence, fueling both institutional and retail adoption.
As a result, crypto prices skyrocketed, Bitcoin hit the $100,000 mark, trading volume doubled to over $13 trln, and the number of cryptocurrencies is edging close to an all-time high.
According to data compiled by AltIndex.com, the number of cryptocurrencies hit over 10,300 in December, only 100 short compared to an all-time high from February 2022.
1,500 cryptos added in a year
Ever since the crypto boom in early 2022, the total number of cryptocurrencies has been floating between 8,500 and 10,000, with new tokens being launched every time a bull run in the crypto space starts.
During 2021, the market added roughly 1,000 new cryptos each month, pushing their number to an all-time high of 10,397 in February 2022.
Although the 2022 ‘crypto winter’ erased thousands of coins, the market rebounded in 2023 and surged in 2024.
According to data from Investing.com, which tracks the number of cryptos, nearly 1,500 new cryptocurrencies were launched this year, bringing the total to 10,300 in December, only 100 short of the record.
While the number of cryptocurrencies grows, most of them are practically worthless. According to earlier AltIndex analysis, 96% of all coins circulating in the crypto space are worth less than a dollar, with 85% trading for under a cent.
On the other hand, the top five coins now make up 88% of the total market value, with Bitcoin as the biggest contributor.
After its price broke the $100,000 mark, Bitcoin’s market cap soared to $2 trln, making 56% of the total market value.
Ethereum now has a 13% share in total crypto market cap, while Tether, XRP and Solana follow with 4%, 3.9% and 3.1% shares, respectively. BNB, Dogecoin, USDC, and Cardano collectively account for around 7%.
Investor enthusiasm, soaring crypto prices, and a surge in new projects have also revitalised the crypto ATM market. After a significant decline of around 7,000 machines in 2023 due to market volatility and concerns over their misuse, installations have rebounded in 2024.
According to CoinATMRadar, nearly 3,000 new ATMs have been added this year, bringing the total to 38,876 globally, the fourth-largest number on record. In global comparison, the U.S. remains the leader, hosting 81.5% of all crypto ATMs, far ahead of Europe and Asia, which account for 4.3% and 0.9%, respectively.
