There are at least a total of 9,563 cryptocurrencies currently in circulation, according to data from CoinMarketCap. Each of the cryptocurrencies outside of the top 10 is worth an average of USD 4.6 million.

The dominance of the pioneering cryptocurrency in the market has recently dropped below 50%. However, the top 10 cryptocurrencies hold 80% of the total value of the market. Although there are more than 9,500 cryptocurrencies in circulation today, the money in this market is concentrated in a few.

Right now, the sum of the value of all cryptocurrencies exceeds USD 2.21 trillion. However, the top 10 cryptocurrencies by market capitalization are equivalent to USD 1.77 million, according to data from CoinMarketCap.

The group of cryptocurrencies totaling this amount is the following: Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Dogecoin (DOGE), Ripple’s XRP, the stablecoin Tether (USDT), Cardano (ADA), Polkadot (DOT), Uniswap (UNI), and Litecoin (LTC).

The First Six Cryptocurrencies Have a Value Higher Than 9,553 of Them

The first six cryptocurrencies have 75% of the total value of the cryptocurrency market. This contrasts with the low incidence of thousands of cryptocurrencies in the global market. More than 9,500 cryptocurrencies have 19.44% of the value of the market, that is, around USD 0.44 trillion.

There are a total of 9,563 cryptocurrencies on record on the CoinMarketCap website. When subtracting those of the top 10, the result is that 9,553 cryptocurrencies share those USD 0.44 trillion. Therefore, each cryptocurrency in circulation is worth an average of USD 4.6 million.

It is striking that only 10 cryptocurrencies have a greater market capitalization than thousands of them. Besides, this is big enough to be in the top 5 of the most valuable assets in the world.

Data from CompaniesMarketCap indicates that Bitcoin currently ranks eighth on that list of assets. However, when adding the value of the main altcoins, the total capitalization is greater than those of Amazon, Google, and the silver market.

Investors Look to Bitcoin and Other Cryptocurrencies as a Store of Value

The market of cryptocurrencies is essentially speculative, but investors look to them as a store of value. According to recent reports, they are keeping them long-term, waiting for new all-time highs in this bullish cycle.

The latest Glassnode report states that investors are holding their Bitcoin and Ether for a long time. The price of Ethereum’s native cryptocurrency recently exceeded the psychological mark of USD 3,000 per unit.

The general community expects there to be further spikes in prices in this bullish cycle of the cryptocurrency market. Concerning BTC, its price may reach levels close to USD 300,000 this year. That would place Satoshi Nakamoto’s cryptocurrency easily second among the most valuable assets in the world.

The price of Bitcoin is falling, so it does not have as much potential to give investors a return. Those who have dabbled in Bitcoin in recent months have already made a profit, but BTC seems to be consolidating. However, it is only a matter of time before the pioneering cryptocurrency exceeds its all-time highs again.

By Willmen Blanco

LEAVE A REPLY

Please enter your comment!
Please enter your name here