There’s no stopping crypto and the only way is… up.
The decentralized and unregulated nature of cryptocurrencies is one of their major selling features. With minimal government control and billions of dollars in circulation, some individuals desire a piece of the digital currency market.
Back in February 2022, Statista conducted a survey on cryptocurrency, and the results are stunning. There are over 10,397 currencies in existence and use. This is far more than the 66 currencies in circulation and use in 2013.
This is supported by Investing.com’s own research on the quantity of the asset class. As of 2022, the website listed 10,028 currencies in circulation.
Despite being a reduced amount compared to the Statista study, this is still a substantial number of currencies.
Bitcoin (BTC) Leads The Pack
According to TradingView, the total market capitalization of all digital currencies is nearly $930 billion at present. Bitcoin continues to dominate the market, comprising 40 percent of total market capitalization.
Similarly, Ethereum follows by 19.30%. These two cryptos control close to 60 percent of the market value.
The top five cryptocurrencies in circulation today—Bitcoin, Ethereum, Tether, USD Coin, and BNB—control a massive 75% of the overall market worth, according to Investing.com. The top 20 companies control an incredible 89% of the overall market cap.
Statista cites the openness of the cryptocurrency creation process as one of the reasons. A person can look up how to make his or her own coin and presto!
Thousands upon thousands of instructions will arise, covering topics ranging from how to build your own cryptocurrency for free to how to create your own with only a certain amount of money.
As Bitcoin Booms, So Are The Scams
The increase in the number of cryptocurrencies in circulation is concerning. Because, in certain circumstances, these currencies are pump and dump operations that defraud investors.
One example is last year’s Save The Kids fraud, which shook both the gaming and cryptocurrency communities.
In comparison to fiat currencies, bitcoin and its peers is still in its infancy. Both have some similarities that allow them to be used to pay for goods and services.
One significant distinction is that digital currencies are not regulated by any governing body, whereas fiat currency is overseen by the central bank.
This distinction is what bitcoin can learn from fiat currency. A few laws and restrictions will not harm the budding bitcoin market.
To secure the safety of investors, traders, and consumers, government regulation and supervision is required if cryptocurrencies are to become the future of financial markets.
The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative dedicated to assessing the role of Web3 technologies in the fight against climate change. The organization, which is composed of 30 companies, educative groups, and other institutions, will research the impact of the energy consumption of these technologies, and how they can […]
The most recent event will be held on the launchpad of the cryptocurrency trading platform MEXC from 06:00 on September 23 to 15:59 on September 27 (UTC). The massively multiplayer online role-playing game (MMORPG) Zalmoxis (KOSON), created by Wenmoon Studios Ltd., is the event project. It is well known that MX holders have priority access […]
A lot of builders have come up in the crypto space since its inception. As it expands, so has the innovation around it. Today, we meet Ari Meilich, co-founder of Decentraland, who tells us about his start in crypto, as well as the interesting projects he continues to build. QUESTION: Can you tell us a […]
While a $10 forecast might seem like a reach to the majority of the community, an analyst is already setting up conditions for a $13 price target.
The day of The Merge, Ethereum Classic’s hashrate soared to new highs tapping 306 terahash per second (TH/s) ten days ago on September 15. Since then, however, Ethereum Classic’s computational power has dropped 46.16% lower from the high to today’s 164.75 TH/s. Furthermore, ethereum classic’s market valuation has dropped by two positions and lost 26.7% […]
The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching […]