Within just five months, around 500 new digital currencies were created on the global market.
Anyone who has carefully followed the developments on the crypto market from the very beginning will remember: in the early days, only a handful of digital currencies existed. Thus, investors could either buy Bitcoin, invest money in Ethereum or until 2013 choose from about five other coins their favorite for their own wallet. The boom of recent years was initially unlikely. Accordingly, now impressively reading the current data published by the renowned CoinMarketCap portal. They announce that recently the threshold of 2,000 currencies could be broken.
Soaring to even greater extent since 2018
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It only took a period of about five months for new ICOs to increase the number of digital currencies from around 1,500 to the current 2,008. Since the industry loves superlatives, the provider coinmarketcap.com refers to a coin growth of 28.585 percent since 2013. In April 2015, there were just over 500 crypto currencies, this number was also halfway in the next 12 months. Only from April 2016, the selection clearly again. From the beginning of 2017, there were hardly any limits to the boom. Around the fall of 2017, the market broke the 1,000-currency barrier. From the beginning of 2018 there were hardly any borders until today. This culminated as I said in breaching the 2,000 mark at the end of September 2018.
The rapid decline in the number of currencies does not change the acute losses in value that not only Bitcoin suffered. Despite its high losses, Bitcoin remains the most important cryptocurrency and is rightly regarded as the reserve currency of the industry.
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Virtual currency is in many countries not legal tender, or is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
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