The first cryptocurrency appeared in 2009, and today almost everyone knows its name – Bitcoin. What made it so intriguing was the promise of a new kind of money: no government intervention, complete privacy and equal rights within the system.
At first, Bitcoin (BTC) was not taken seriously. It wasn’t until 2013, when the price of cryptocurrencies exceeded several hundred dollars, that the growth of cryptocurrencies really began and they began to spread and multiply throughout the world. So how many cryptocurrencies are there today?
How many cryptocurrencies are there in the world?
Statista reports that the number of cryptocurrencies will approach 10,000 by September 2024. However, it is worth noting that many of these cryptocurrencies may not be particularly current or active.
Statista also notes that other sources estimate there are around 20,000 cryptocurrencies in existence, although most are either inactive or discontinued.
As of early November, CoinMarketCap, a leading cryptocurrency data aggregator that tracks prices, market capitalization and trading volume, has 9,916 cryptocurrencies, and CoinGecko, another popular cryptocurrency data platform known for its comprehensive market statistics, has 15,142.
Calculating the exact number of cryptocurrencies is difficult because their number is constantly changing, but we can say this for sure: there are many more of them now than in 2009.
Why are there so many cryptocurrencies?
With easier access to blockchain technology, even those with basic coding knowledge can launch their own cryptocurrency. Platforms like Ethereum allow developers to create tokens without having to create their own blockchain from scratch.
This low barrier to entry has led to an explosion of new projects, each claiming to offer something unique, be it faster transactions, privacy features, or use in certain industries. Some even target niche markets such as gaming, art or supply chains.
While many of these coins will not survive in the long term, the ease of creation fuels constant experimentation and innovation, driving the evolution of the entire crypto ecosystem.
How many types of cryptocurrencies are there?
How many cryptocurrencies are there?
With so many different types of cryptocurrencies, each designed for a specific purpose, here’s a breakdown of the main categories.
Bitcoin and Bitcoin forks
Bitcoin is the first and most famous cryptocurrency designed as a decentralized peer-to-peer digital currency. Bitcoin forks, such as Bitcoin Cash (BCH) and Bitcoin SV (BSV), are versions of Bitcoin with minor changes to increase speed or transaction costs.
Altcoins
Altcoins are essentially any cryptocurrency other than Bitcoin, each offering something unique, be it new features, different use cases, or fresh technologies that could shake up the digital currency scene. For example, Ethereum (ETH) offers smart contracts, while Solana (SOL) stands out for its fast and low-cost transactions.
Stablecoins
Designed to reduce volatility, stablecoins are pegged to real assets such as the US dollar. Tether (USDT) is the most widely used and provides stability to traders.
Meme coins
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) were created as fun projects but have grown into something much more thanks to viral moments on social media. Pepe Coin, inspired by the Pepe the Frog meme, has also become popular in the crypto meme space.
Utility Tokens
These tokens are used to power certain applications. Chainlink connects smart contracts with real data, and Uniswap is used to operate the decentralized exchange Uniswap. Binance Coin started out as a way to pay lower fees on the Binance exchange, but now has wider applications in the Binance ecosystem.
How many cryptocurrencies are actually important?
There are thousands of cryptocurrencies, but only a small percentage are truly significant in terms of widespread use, market value, and technological impact. Bitcoin remains a dominant force, widely recognized as the first and most valuable cryptocurrency.
Ethereum is another heavyweight, known for its smart contract capabilities and decentralized applications, and is driving the DeFi and NFT boom. Other notable cryptocurrencies include Binance Coin, which powers the Binance ecosystem, and Solana, known for its high-speed transactions.
Meme coins like Dogecoin and Shiba Inu have certainly attracted attention, but whether they will have lasting value is still a big question. The cryptocurrency world is moving fast, but not many assets have truly changed the industry. Those that have done so continue to lead the way in terms of innovation and market impact.
