Recent data from Augusta Free Press claims that the number of known cryptocurrencies now sits at 10,000 in August 2022. The report detailed that the number of known cryptos jumped from 6,000 in July 2021 to about 10,400 by February 2022. This indicates that 400 crypto coins have been removed from the market.
More interestingly, a study by Statista and Investing.com shows that the number of tokens grew from only 60 in 2013 to over 4,500 by 2020. According to the data, the number of cryptocurrencies doubled between 2021 and 2022.
Commenting on this meteoric rise in the number of tokens, the Augusta Free Press report detailed:
“In the first half of 2021 only, 1,500 new digital coins entered the market, with their number rising to over 6,000 in July. At the end of last year[2021], the market was adding about 1,000 new cryptocurrencies each month, with their total number reaching 9,900 in January 2022.”
Five Coins Account for 75% of All Valuation: Augusta Free Press Report
What’s more notable from the report is that only five of the 10,000 accounts for over 75% of the total crypto market capitalization. At press time, Bitcoin (BTC), with a price of just over $20K, accounts for about 40% of the total market capitalization.
Ethereum, with a price of $1,590, controls about 20% of the total market. In third and fourth positions are Stablecoins Tether (USDT) and USD Coin (USDC), accounting for 7% and 5%, respectively. Number five in the list is Binance Coin (BNB), with 4.6%. This leaves the rest of the 9,995 to account for just 25%.
Though the Augusta Free Press report claims only 10,000 cryptocurrencies are existing today, crypto aggregator CoinMarketCap shows that there are 20,809 coins, while CoinGecko shows 12,885.
