After 10 years, the number of coin/token units increased by hundreds of times. Meanwhile, the market capitalization after many steep climbs began to weaken.
Since the official birth of Bitcoin in 2009, the cryptocurrency market has witnessed a wide range of emotions throughout its evolution. Despite the great achievements and movements, the market also experienced many shocks and turmoil, for example, in the late 2017 and late 2021 period.
According to analytical data from Statista, the number of coins/tokens so far has nearly touched 20,000 units, an increase of hundreds of times compared to the end of 2014.
Part of the reason for the explosion in the number of coins/ tokens is related to the simplicity of project design and development. Even after just a few clicks, users can already create a new digital asset.
While the number of cryptocurrencies has grown almost exponentially, the values of these coins are the exact opposite. With 24/7 volatility with a margin of up to 100%, cryptocurrencies are still considered a high-risk investment.
After breaking through late last year and reaching the highest capitalization mark in history (about 3 trillion USD), the entire market capitalization has now decreased by more than 50% and is only hovering above 1.3 trillion USD. However, this number is still more than double the value at the end of 2020.
Bitcoin’s importance dwindles over time as the coin’s dominance shrinks to 46.3%. Much of the reason comes from the increasing trend of investing in other altcoin portfolios besides Bitcoin like Ethereum.
Currently, the market capitalization of Bitcoin accounts for 40-50% of the entire market, down sharply from 80% in 2014.
Bitcoin is trading at just under $29,600 per coin, down 4.7% over the past 24 hours. The coin’s capitalization stands at $564 billion.
@ Zing News
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Source: Vietnam Insider