Cryptocurrencies have made a serious comeback this year, with most of the largest digital coins seeing double-digit price growth. The crypto`s strong performance in the past seven months brought a new wave of optimism among investors and triggered a massive increase in the number of new crypto coins.
According to data presented by AltIndex.com, in the past five months, more than 1,000 new crypto coins have been listed on the market, pushing their total number to 9,708 in July.
1.023 New Cryptocurrencies Listed on the Market Since February
Before the 2022 crypto winter, the number of cryptocurrencies had surged for years. According to Statista and Investing.com data, the total number of cryptos grew 75 times between 2013 and 2021, rising from just over 60 to more than 4,500.
This figure more than doubled after the 2021 crypto boom, with the market adding roughly 1,000 new cryptos per month. In February 2022, they hit an all-time high of almost 10,400, but it was downhill from there. The crypto winter set off one the biggest drop in the number of available coins and tokens on the market. Statistics show more than 1,700 digital coins got delisted from crypto exchanges between February 2022 and February 2023, with their total number falling to 8,685.
However, the number of cryptocurrencies significantly increased over the past five months, despite the regulatory twists and ups and downs in the crypto space. With 1,023 new cryptocurrencies listed on the market in the past five months, their total number now stands at 9,708.
Top Five Cryptocurrencies Now Make 80% of Total Market Value
Although the number of available digital coins significantly increased over the past five months, just a handful of cryptos still make up most of the market value.
The CoinMarketCap data show the world`s top five cryptocurrencies now make up 80.9% of the total crypto market cap, with a combined value of $981bn as of this week. The world`s largest and most expensive crypto, Bitcoin, accounts for 48.6% of the global crypto market cap, up from 41.6% five months ago.
Ethereum makes another 19.1% of the total crypto market cap, nearly the same as in February. The next three cryptos by market cap, Tether, XRP, and BNB, together make 13.1 % of the global crypto market value, with a combined market cap of $160.6bn as of this week. Statistics show Cardano, Dogecoin, and Polygon all saw their market shares significantly drop since February, with the three cryptos now making 2.2% of the total crypto market cap.