Cryptocurrencies see biggest drop in market’s history - IT-Online

The number of cryptocurrencies has been constantly growing for almost a decade – hitting an all-time high of over 10 000 in February – but the recent crypto price crash and its subsequent $2-trillion wipeout also caused the biggest drop in the number of cryptos., the total number of cryptocurrencies dropped by 1 100 in the last nine months, the biggest decrease in the market`s history.

In the first half of 2021, 1 500 new digital coins entered the market, with the total number rising to 6 000 in July. However, in the last months of 2021, the market was adding about 1 000 new cryptocurrencies per month, causing the total number of cryptos to reach 9 900 in January this year. Although this represents a 1 100 drop from an all-time high in February, the number of cryptos increased 22% year-over-year. In November 2021, there were over 7 500 available cryptocurrencies, 1 600 less than today.

According to CoinMarketCap data, the global crypto market cap has plunged by 52% since February, falling from $1,76-trillion to $842,8-billion as of last week – and the Top 5 cryptos make 70% of that value.

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