Almost a year has passed since the bitcoin was traded close to $ 20,000, but this did not prevent innovation in the market from reaching other types of historical highs.
In fact, according to CoinMarketCap, the main supplier of cryptocurrency data, there have never been more cryptocurrencies than now. Launched in 2013, CoinMarketCap has listed its 2,000th cryptographic resource this month with the addition of Labh Coin (LABH).
The milestone is officially passed on October 3, now there are 2,112 cryptocurrencies tracked by the data site, the busiest according to data from Alexa.com. The company data show a 3,000% increase in the number of cryptocurrencies on the website, as it only monitored 66 assets in 2013.
According to current data, the site has an average of 422 new-issue cryptocurrencies that could be divided into about 8 per week.The explosive creation of cryptocurrencies is surprising for many people, but not for all.
In fact, CoinMarketCap's founder, Brandon Chez, told CoinDesk to anticipate early growth, even though the reality of the situation has become a sight to behold.
"It was evident that the idea of cryptocurrencies was not going away, especially as part of the emerging community that mobilized around the promise of what a world would be like with cryptocurrencies. In the beginning I imagined that it would reach this number in the near future, but it is still quite surprising to finally see it at the end. "
What does this mean?
For Chez, the significance of the increase in the number of cryptocurrencies is quite clear: the request for a safe representation of the value still exceeds the number of preferred options.
"This is something to which cryptocurrencies and related technology excel, so the crypto industry will surely benefit from this increase, "he said.
After almost a year of cryptocurrency, the fall in prices in what history will remember as "the notorious bear market 2018", we must ask ourselves if the bad conditions of the market will have an impact on the rate of creation of cryptocurrencies. Chez believes this is already the case, an effect that defines the "asset creation" of asset creation.
"I think the industry is fatigued by creating new assets right now in the bear market, especially since the prevalence of ICO has declined. "
Just like the weather, however, the bull markets seem to heal all wounds. Chez remains optimistic about the industry, imagining the positive impact that a bull market in 2019 could have on new projects.
"In the hypothesis of a bullish market in 2019, I expect that the creation of tokens will return faster because the teams are willing to pay more capital into new projects, since their current cryptographic portfolios appreciate the value. "
The increase in one of the site's main metrics, the total market capitalization of all cryptocurrencies, is perhaps even more staggering than the number of resources created.
According to historical data provided by CoinMarketCap, the total market capitalization of all cryptocurrencies aggregated by only seven assets listed on April 28, 2013 (its first month of activity) was just $ 1.6 billion.
That number now stands at over $ 200 billion and an increase of over 13,000% since 2013. It should be noted that the record high of the total market capitalization of about $ 830, set last January, represented a staggering 55,000 percent growth rate.
However, CoinMarketCap does not list all existing cryptocurrencies, so some competing websites with different quoting criteria may provide data for many others. For example, CoinGecko is closing on 3,000 listed cryptocurrencies with 2,982 at the time of writing.
According to the CoinMarketCap FAQ page, each listing must meet certain requirements.
Each asset must "be a cryptocurrency or cryptographic token on a public platform with an API that reports the last traded price and the last 24-hour trading volume." Furthermore, each "must have a non-zero trading volume on at least one exchange supported in order to determine a price, e for the ranking of market capitalisations, an accurate circulating supply figure is required. "
While the quotation criteria remain the same, Chez tends to identify different themes among the cryptocurrencies listed in the year. When asked about the types of goods listed now compared to past years, Chez simply replied "2018: security token".
Revelation: The author retains BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Image Credit: CoinMarketCap / Facebook