As of January 1, 2021, there were a total of 8,153 cryptocurrencies. In 2021 alone, 8,070 new coins were created, which is almost 100% growth in just one year. In total, there are now 16,223 cryptocurrencies on the crypto market. PlatonCoin is holding steady in the top 1,000.
Cryptocurrencies are increasingly popular
The ease of creating a new cryptocurrency had led to a large influx of new coins into the market. As for the year 2021, the total number of cryptocurrencies reached 8,153 on January 1st. This number represents all of the coins that have been created since Bitcoin was launched in 2009.
This number has almost doubled according to a report by Finbold. That means that almost half of the coins on the crypto market were created and launched last year. On average, there are about 21 new cryptocurrencies that are launched to the market every day. (1)
It is easy to create a coin, but hard to stay on the top
The total number of cryptocurrencies reached a level of 13 000 in October 2021. Then, in just the last two months of the previous year, there have been over 3,000 new coins introduced into the market. This number is expected to continue to rise in 2022 as new technology in the crypto space makes it easier to create a token.
While in some cases, it only takes a couple of minutes for anyone to create their own token and launch it into the market, it takes much longer to create either a fully functional product or service that would provide a real life value to the token.
Meme coins and pump and dump schemes
There was an exception to the rule that a token has to have a real life use last year and that were so called meme coins. However these coins were mostly driven by pump and dump schemes or by a short lived popularity that lead to volatility extreme even for the cryptocurrency markets. If you are looking for a serious investment and not for a roller-coaster adrenalin ride, betting on meme coins could not be recommended.
Increasing competiton will test the quality over time
The increasing competition on the field of cryptocurrencies will prove the quality of the best over time. All the pump and dump schemes, pure scams or coins without a real-case use, without a long-term plan and without functional products and / or services will be gradually wiped out from the market and end up in oblivion.
PlatonCoin steadily in top 1 000
While new coins rise and fall, PlatonCoin is here for you since 2017, building up its way more slowly, but steadily. As for the year 2021, PlatonCoin was able to reach the top 1 000 coins (2) and remained there for the whole year. And it is just the beginning, stay tuned for our articles, because for 2022 Platon Life team is preparing new exciting products.
Sources: (1) Finbold.com, (2) Coingecko.com