Analysts have recorded a record decline in the number of cryptocurrencies in 13 years

Over the past year, the number of altcoins on the market has fallen by 1087

14.12.2022 - 09:15

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What’s new? From February to December 2022, the number of cryptocurrencies has dropped by more than 1000, from 10 397 to 9310. This became the largest decline in the industry’s 13-year history of observations, Statista, an analytics portal, reports.

Graph on Statista’s website

What else is known? During the market’s bull phase, the number of cryptocurrencies grew steadily, roughly quadrupling from 2019 to early 2022. However, since peaking at 10 397 in February, the number has fallen by 1087.

Along with the decline in the number of crypto assets, the overall capitalization of the market decreased significantly. In November 2021, it reached a record high of $3 trillion, and by the end of 2022, it is only $0,909 trillion (CoinGecko’s data as of December 13). Since reaching an all-time high, the price of bitcoin has fallen by 74% and Ethereum by 72,5%.

Earlier, analysts at Huobi Research said the crypto market will reach the bottom in Q1 2023, with the global adoption of digital assets as a means of payment continuing in the near future.

In November, an anonymous analyst PlanB said that the bitcoin exchange rate will rise to $100 000. The expert noted that despite the state of the market after the collapse of the FTX crypto exchange, the asset has a year and a half to recover when the next halving is expected.

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