There’s no stopping crypto and the only way is… up.
The decentralized and unregulated nature of cryptocurrencies is one of their major selling features. With minimal government control and billions of dollars in circulation, some individuals desire a piece of the digital currency market.
Back in February 2022, Statista conducted a survey on cryptocurrency, and the results are stunning. There are over 10,397 currencies in existence and use. This is far more than the 66 currencies in circulation and use in 2013.
This is supported by Investing.com’s own research on the quantity of the asset class. As of 2022, the website listed 10,028 currencies in circulation.
Despite being a reduced amount compared to the Statista study, this is still a substantial number of currencies.
Related Reading: GPU Prices To Be Significantly Slashed By AMD And Nvidia In September, Grapevines Say
According to TradingView, the total market capitalization of all digital currencies is nearly $930 billion at present. Bitcoin continues to dominate the market, comprising 40 percent of total market capitalization.
Similarly, Ethereum follows by 19.30%. These two cryptos control close to 60 percent of the market value.
The top five cryptocurrencies in circulation today—Bitcoin, Ethereum, Tether, USD Coin, and BNB—control a massive 75% of the overall market worth, according to Investing.com. The top 20 companies control an incredible 89% of the overall market cap.
Statista cites the openness of the cryptocurrency creation process as one of the reasons. A person can look up how to make his or her own coin and presto!
Thousands upon thousands of instructions will arise, covering topics ranging from how to build your own cryptocurrency for free to how to create your own with only a certain amount of money.
The increase in the number of cryptocurrencies in circulation is concerning. Because, in certain circumstances, these currencies are pump and dump operations that defraud investors.
One example is last year’s Save The Kids fraud, which shook both the gaming and cryptocurrency communities.
In comparison to fiat currencies, bitcoin and its peers is still in its infancy. Both have some similarities that allow them to be used to pay for goods and services.
One significant distinction is that digital currencies are not regulated by any governing body, whereas fiat currency is overseen by the central bank.
This distinction is what bitcoin can learn from fiat currency. A few laws and restrictions will not harm the budding bitcoin market.
To secure the safety of investors, traders, and consumers, government regulation and supervision is required if cryptocurrencies are to become the future of financial markets.
Related Reading: Metaverse Company Appoints Robot As Female CEO – Hasta La Vista Baby!
Crypto total market cap at $938 billion on the daily chart | Source: TradingView.com
Featured image from CoinCheckup, chart from TradingView.comThe SFC mentioned in the circular that it was “ready to accept applications for virtual asset spot ETFs.” The head of securities product development of the Hong Kong Stock Exchange expressed his readiness to seize the opportunities brought by thematic investment and smoothly introduce new products to the Hong Kong ETF market.
JinseFinanceBitcoin's historic weekly golden cross suggests a prolonged bull market, but recent market fluctuations and the approaching halving event introduce uncertainties. Investors should exercise caution in navigating these dynamic conditions.
SanyaEthereum founder Vitalik Buterin's engagement with 'Zuzalu' has catalyzed a remarkable surge in the ZUZALU token's value, leading to substantial profits for insightful investors. As the market continues to respond to influential figures, opportunities for strategic trading remain prevalent.
SanyaBinance's report unveils seven pivotal events shaping the crypto market in 2024, including the approval of spot Bitcoin ETFs, potential Ethereum ETFs, Ripple's positive progress, Cardano's scalability focus, and the resurgence of blockchain projects like Aptos and Sui. The entrance of traditional giants into the crypto space and a relentless focus on security further underscore the transformative nature of the upcoming year.
Huang BoSantiment predicts potential surges for AXS and BCH due to increased short positions. Short liquidations could act as a catalyst, driving prices upward. Despite recent positive trends, BCH faces challenges in the early weeks of the year. The crypto market's complexity is evident as factors like sentiment play a crucial role.
BerniceThe initiation of Spot Bitcoin ETF trading signals a groundbreaking shift in cryptocurrency and traditional investments. With regulatory approval, industry giants' involvement, and record-breaking predictions, these ETFs bridge the gap between traditional finance and the burgeoning world of digital assets, potentially paving the way for widespread adoption.
BerniceBlast blockchain's $1.1 billion pre-launch deposits draw mixed reactions amidst controversy and high yield promises.
KikyoThe extraordinary ascent of AVAV, a crypto meme ready to ride the wave of the next big trend, propelled by its meteoric rise and supported by a strong community.
Max NgThe initial week of the trial of SBF has brought to light a narrative fraught with allegations of deception, mismanagement, and suspected wrongdoing.
CatherineCryptocurrency lending platform BlockFi filed for Chapter 11 bankruptcy in the U.S. state of New Jersey on Monday (November 28), the latest cryptocurrency company to collapse following the swift collapse of cryptocurrency exchange FTX.
fx168news