How many cryptocurrencies in 2024?
- Over 13,217 distinct cryptocurrencies by 2024.
- Total market capitalization: approximately $1.32 trillion.
- Daily trading volume: around $172 billion.
- Bitcoin market cap: about $650 billion, nearly three times that of Ethereum.
- 8% of the U.S. population is involved in cryptocurrency trading.
- Asia has over four times more cryptocurrency users than any other continent.
- Bitcoin recognition: known by 95% of crypto holders and enthusiasts.
- 2023 statistics: over 9,000 cryptocurrencies, peaking higher at the start of 2022.
- Inactive or discontinued cryptocurrencies: a significant portion of the estimated 20,000 cryptocurrencies.
- Ease of creation: contributed to the vast number of digital currencies available.
Sources: CoinGecko, CoinMarketCap, investing.com, Triple-a, Statista.
Why Are There So Many Cryptocurrencies?
Anyone with the knowledge to write a program on a blockchain can create a cryptocurrency. These can be created on existing blockchains like Ethereum and Binance Smart Chain, which are popular platforms for decentralized finance (DeFi) applications.
The ease of creating cryptocurrencies allows individuals to develop solutions for real-world payment issues or, in some cases, to attempt to make quick profits. This explains why some cryptocurrencies lack substantial utility.
The Diverse World of Cryptocurrencies
Cryptocurrencies can be grouped into various categories. Meme coins, such as Dogecoin, started as jokes but have garnered significant attention. Altcoins refer to all cryptocurrencies that came after Bitcoin, which was the first digital currency.
Utility tokens and governance tokens are often related to NFTs and the metaverse. For instance, the MANA cryptocurrency is used to purchase real estate in the Decentraland metaverse. Stablecoins, like Tether, are pegged to real-world assets such as the US dollar, providing less volatility compared to other cryptocurrencies.
How to manage them all?
With the ever-changing number of cryptocurrencies, managing them can be a challenge. How do you add new tokens or remove inactive ones? Users need a Web3 wallet that can efficiently manage their assets, and that’s where the KEYRING PRO Wallet comes into play.
- Create and manage new accounts across different chains with ease.
- Add chains or tokens quickly and effortlessly.
- Hide unused chains, tokens, or accounts to keep your wallet organized.
- Real-time price charts to stay updated with market trends.
- Built-in exchange for seamless transactions.
Plus, there are many more useful features to support users on their cryptocurrency journey.
With KEYRING PRO Wallet, managing your digital assets has never been simpler. Download today!
