The cryptocurrency landscape has seen an astonishing influx of altcoins, with estimates now reaching over ten million. This rapid expansion has led many to doubt prospects for a new altcoin bull market. Factors such as dispersed liquidity and ever-changing trends contribute to growing skepticism. So, how many altcoins are genuinely out there?
What is the True Count of Altcoins?
Data from Coinmarketcap indicates a staggering total of 10.74 million cryptocurrencies. A significant portion of this growth is attributed to meme coins, which have proliferated in the market, with countless variations of whimsical names appearing. Some opportunistic creators have exploited this trend, launching numerous meme coins while engaging in fraudulent schemes to profit handsomely.
What Does the Market Look Like for Altcoins?
Out of the overall cryptocurrency count, only 10,815 altcoins are officially documented on Coinmarketcap, revealing a considerable number that remain unlisted. Notably, many of these altcoins have trading volumes that fall below $1,000. The number of altcoins with trading volumes exceeding $1 million is a mere 1,312, and those with a market capitalization over $10 million shrink to approximately 870.
Significant insights from the data include:
- Only 10,815 altcoins are listed on Coinmarketcap.
- Approximately 1,312 altcoins have trading volumes over $1 million.
- Only about 870 altcoins boast a market cap exceeding $10 million.
- Many coins possess trading volumes below $1,000, indicating low activity.
In the current market, Binance leads with 394 altcoins and 1,335 trading pairs, while Coinbase, ByBit, and OKX have 271, 541, and 307 altcoins, respectively. Interestingly, stablecoin reserves on exchanges have shown an upward trend recently, hinting at potential shifts in trading dynamics.
