Sky is the limit: 25% more (shit)coins on the market since the beginning of the year

After the setbacks that some crypto currencies have suffered recently, the evaluation by CoinMarketCap experts will surprise many readers: Within only five months, around 500 new digital currencies were created on the global market.

Boom in the industry unbroken for years

Anyone who has followed the developments on the crypto market closely from the very beginning will remember this very well: In the early days, there were only a handful of digital currencies. Investors could either buy Bitcoin, invest money in Litecoin or choose their favourite from about five other coins until 2013. The boom of the past years could not be anticipated in the beginning. Accordingly, I now read the current data published by the renowned portal CoinMarketCap in an impressive manner. They announce that the threshold of 2,000 currencies has recently been crossed.

Flying high on an even larger scale since 2018

It only took a period of about five months for new ICOs to increase the number of digital currencies from around 1,500 to 2,008 according to the latest figures. Since the industry loves superlatives, the provider coinmarketcap.com points to a 28,585 percent increase in coins since 2013. In April 2015, there were just over 500 crypto currencies, and this figure remained more or less stable in the following 12 months. It was not until April 2016 that the numbers rose significantly again. From the beginning of 2017 there were hardly any limits to the boom. Around autumn 2017, the market left the limit of 1,000 currencies behind. From the beginning of 2018 until today there were hardly any limits. As already mentioned, this culminated in the breakthrough of the 2,000 mark at the end of September 2018.


?Here is our list of best ETH wallets.


However, the rapidly increasing selection of currencies does not change the acute losses in value, which not only Bitcoin had to put up with. Despite its heavy losses, the Bitcoin is still the most important crypto currency and is therefore rightly regarded as the industry’s leading currency.

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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