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The 2022 crypto market crash has introduced a $2 trillion wipeout, wounded crypto corporations throughout the globe, and thrust a highlight on hundreds of cryptocurrencies and whether or not they’ll survive. However the whole variety of crypto cash stays excessive, regardless of the crypto market struggling as a complete.
Based on knowledge offered by AugustaFreePress.com, the whole variety of cryptocurrencies hit 10,000 in August, 70% greater than in the identical month a yr in the past.
The First Drop in Years
The variety of digital cash circulating within the crypto house soared over time, which wasn`t totally excellent news for buyers. They wanted to be selective and select the best digital foreign money to put money into.
Based on Statista and Investing.com knowledge, the whole variety of cryptocurrencies soared 75 occasions in seven years, leaping from round 60 to over 4,500.
Between 2021 and 2022, this quantity greater than doubled. Within the first half of 2021 solely, 1,500 new digital cash entered the market, with their quantity rising to over 6,000 in July. On the finish of final yr, the market was including about 1,000 new cryptocurrencies every month, with their whole quantity reaching 9,900 in January 2022.
By February, nearly 10,400 cryptocurrencies had been circulating within the crypto house. Statistics present the quantity dropped to round 10,000 up to now six months, marking the primary lower in years.
High 5 Crypto Cash Make 75% of the Whole Market Worth
The latest crypto crash despatched crypto’s whole market capitalization plummeting to beneath $1trn, with all main digital cash witnessing a double-digit worth drop.
Based on CoinMarketCap knowledge, Bitcoin and Ethereum, the highest two cryptocurrencies, have misplaced virtually 70% in whole worth year-over-year. Different digital cash noticed an much more brutal plunge. Nevertheless, the highest 5 cryptocurrencies nonetheless account for 75% of the whole market worth.
The costliest digital foreign money globally, Bitcoin accounts for 40% of the worldwide crypto market cap, with the mixed worth of all BTC cash standing at $391bn this week, 68% lower than a yr in the past.
Ethereum`s market cap plunged 66% year-over-year to $193bn, making round 20% of the whole market.
Tether, USD Coin and BNB as the following three largest cryptos account for one more 16% of the worldwide crypto market cap.
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