![]() This explains why some crypto lack utility. The ease of crypto creation allows some individuals to find solutions to real-world payment problems while others hope to make a quick profit. Ethereum and Binance Smart Chain are popular blockchain platforms for such ends, including smart contracts within Decentralized Finance (DeFi). ![]() Why are there thousands of cryptocurrencies?Īny private individual or company that knows how to write a program on a blockchain can technically create a cryptocurrency. Indeed, the top 20 cryptocurrencies make up nearly 90 percent of the total market. Due to how open the creation process of a cryptocurrency is, it is relatively easy to make one. There are other estimates of roughly 20,000 cryptocurrencies being in existence, but most of these are either inactive or discontinued. ![]() Note, however, that a large portion of cryptocurrencies might not be that significant. How many cryptocurrencies are there? In short, there were over 9,000 as of 2023, although there were many more digital coins in the early months of 2022.
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