If the mainstream media tend to focus exclusively on Bitcoin and the few cryptocurrencies that have managed to break through, such as Ethereum, Litecoin or Dogecoin, there are now more than 8,700 different cryptocurrencies, according to a report from the site. Coinmarketcap. Specifically 8,728 digital currencies.
In March 2017, there were only 649 cryptocurrencies. Since then, the numbers have only increased exponentially. In 2018, there were 1,558 cryptocurrencies and 2,106 in 2019.
The best known of them remains Bitcoin, whose capitalization reaches 855 billion euros at the moment. Bitcoin is ahead of Ether with its 174 billion capitalization and Binance Coin, the virtual currency introduced by the main cryptocurrency exchange, whose capitalization reaches 34 billion euros.
More than a speculative bubble?
In the space of a year, 3,531 new cryptocurrencies were introduced to the market.
Long assimilated to speculation, the cryptocurrency market is now experiencing a resurgence of interest with the introduction of new technologies in the blockchain, which is attracting the interest of the giants of the banking sector. Decentralized finance – commonly known in DeFi jargon – is one of the major challenges of 2021. Many new projects led by banks and institutions have emerged in recent months, with a disruptive approach to the banking system which aims to change the financial sector. For the players in the sector, it is a question of adapting to new trends and exploring projects with high potential. Polkadot (DOT) and Cardano (ADA) have seen their values soar in recent months. The two cryptocurrencies are now ranked fifth and sixth among the largest capitalizations in the market.
Not all will survive. Since 2018, several hundred cryptocurrencies have already disappeared. The trend is expected to increase in 2021 and 2022.