The 2022 crypto market crash has brought a $2 trillion wipeout, wounded crypto companies across the globe, and thrust a spotlight on thousands of cryptocurrencies and whether they will survive. But the total number of crypto coins remains high, despite the crypto market struggling as a whole.
According to data presented by AugustaFreePress, the total number of cryptocurrencies hit 10,000 in August, 70% more than in the same month a year ago.
The First Drop in Years
The number of digital coins circulating in the crypto space soared over the years, which wasn`t entirely good news for investors. They needed to be selective and choose the right digital currency to invest in.
According to Statista and Investing.com data, the total number of cryptocurrencies soared 75 times in seven years, jumping from around 60 to over 4,500.
Between 2021 and 2022, this number more than doubled. 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, the market was adding about 1,000 new cryptocurrencies each month, with their total number reaching 9,900 in January 2022.
By February, almost 10,400 cryptocurrencies were circulating in the crypto space. Statistics show the number dropped to around 10,000 in the past six months, marking the first decrease in years.
Top 5 Crypto Coins Make 75% of the Total Market Value
The recent crypto crash sent crypto’s total market capitalization plummeting to below $1trn, with all leading digital coins witnessing a double-digit price drop.
According to CoinMarketCap data, Bitcoin and Ethereum, the top two cryptocurrencies, have lost practically 70% in total value year-over-year. Other digital coins saw an even more brutal plunge. However, the top five cryptocurrencies still account for 75% of the total market value.
The most expensive digital currency globally, Bitcoin accounts for 40% of the global crypto market cap, with the combined value of all BTC coins standing at $391bn this week, 68% less than a year ago.
Ethereum`s market cap plunged 66% year-over-year to $193bn, making around 20% of the total market.
Tether, USD Coin and BNB as the next three biggest cryptos account for another 16% of the global crypto market cap.