December 15, 2022

Total Number of Cryptocurrencies Surpassed 22,000 for 1st Time

Cryptocurrencies

Cryptocurrencies

Despite fluctuations and the crypto bear market, the total number of cryptocurrencies exceeded 22,000 for the first time in history, according to CoinMarketCap. The figure is now standing at 22,038 at the time of writing. 

Earlier Bitstacker.com revealed that over 5,000 new cryptocurrencies were introduced this year till December 3. The data was based on the total number of crypto coins tracked by CoinMarket.com on the first day of each month.

Now, the total cryptocurrencies launched this year till the time of writing recorded 5,794, with an increase of 35.68% over the year, Finbold reported

According to CoinMarketCap.com’s data, there were 16,238 cryptocurrencies on January 1, 2022. Whereas there were 21,159 cryptocurrencies on November 1 this year. Despite the increasing numbers, the month-on-month percentage change is declining, registering 1.67% between September and November, while it was 6.25% between January and February.

Despite the introduction of thousands of new cryptocurrencies, Bitcoin (BTC) is still on the top, accounting for 39.3% of the crypto market, followed by Ethereum (ETH), with 18.6% dominance. In addition, the total market capitalization of the crypto industry decreased from $2.2 trillion on January 1 to $0.87 trillion at the time of writing, a decline of 60.44%, or $1.33 trillion, from the beginning of 2022. 

The crypto tracking website, CoinMarketCap, surveyed crypto enthusiasts about the situation of the crypto industry in 2023, and 80% of them said the next year will be bullish for the cryptocurrencies. 

Another study by Bitstacker found that the crypto winter caused a drop of 70% in Bitcoin millionaires, as about 72,000 Bitcoin millionaires became no longer millionaires after holding less than $1 million worth of Bitcoin.

Using the WayBackMachine web archive tool, Bitstacker revealed that the study noticed a decline of over 73.19% in Bitcoin millionaires in November 2022 compared to January 2022. In January 2022, there were 99,092 Bitcoin millionaires, which dropped to 26,564 in November this year.

This indicates a fall of over 72,528 Bitcoin addresses holding more than $1 million in Bitcoin. However, the study showed that there are 3,577 accounts that held over $10 million in Bitcoin at the time of conducting the research. While there are more than 34 million addresses that had at least $1 in Bitcoin.

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