Crypto collapses shed market volume
New data from Statista has revealed the number of cryptocurrencies has fallen by 11 per cent since February 2022, following the collapses of several cryptocurrency token and exchanges since the beginning of the year.
This comes after the number of cryptocurrencies had more than doubled in the 12 months between 2021 and 2022, the market saw almost 1,000 new currencies added every month and February 2022 saw the highest number of currencies in circulation at 10,397.
The data collected by Safe Betting Sites showed that there are now only 9,310 cryptocurrencies circulating in November 2022, falling two times harder than the four per cent decline in August 2021.
The price of Bitcoin also plummeted by 63.5 per cent from its February high of $43,193.23 USD to $16,116.80 USD in November.
It also revealed the top 20 cryptocurrencies available account for 90 per cent of the total crypto market capitalisation. Bitcoin still ranks first with $311 billion, followed by Ethereum at $138 billion, Tether at $65 billion, BNB at $42 billion and Binance USD at $23 billion.
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