There are 2,503 cryptocurrencies recognized since 21 November 2018. It seems a lot. However, if we look more closely, we can see that the market is exceptionally high. This means that there is a small number of cryptocurrencies that make up the bulk of the market.
How many cryptocurrencies form the majority of the market?
The listing of cryptocurrencies by market capitalization reveals that only 25 of the 2,503 cryptocurrencies represent 90% of the total market capitalization. What is even more incredible is that there is a cryptocurrency, Bitcoin (BTC), which accounts for 59% of the total market capitalization of those 25 currencies.
First 25 cryptocurrencies
Here is a list of the first 25 cyrptocurrencies listed in order of magnitude, starting with the largest:
Stellar Lumens (XLM)
Binance Coin (BNB)
Ethereum Classic (ETC)
Bitcoin Gold (BTG)
How many cryptocurrencies form the minority of the market?
There are 2478 cryptocurrencies outside the top 25, and these currencies represent 10% of the total market value. When you look outside the big players, you will see that there are some really small cryptocurrencies around. This does not necessarily mean that they will always remain small, but there is a lot of agitation in the periphery of the market with the currencies coming and going quickly.
If we look at the market capitalization, we can say the following:
- There are 824 cryptocurrencies with a market capitalization of less than $ 20 million
- There are 526 cryptocurrencies with a zero market capitalization
- There were 141 cryptocurrencies in which there was no purchase or sale of the currency for a 24-hour period (21 November 2018)
The number of cryptocurrencies available is wide, but a very small number dominates the market. There are a lot of small currencies that are not traded or with a small market capitalization, and the number of cryptocurrencies changes rapidly – reflecting the encrypted market, which is unstable with wild fluctuations in values.
In the long run, some of the smaller cryptocurrencies will grow, and being small is not necessarily a bad thing. There are numerous examples of some interesting projects, but not all will work or have enough support for long-term survival.
Not all cryptocurrencies will change the world.
Our site is full of cryptographic information and blockchain. For guides on cryptocurrencies, exchanges and blockchain technology, click here.