As the cryptocurrency sector continues to suffer from volatility that has drained nearly $1.27 trillion of its market value since the beginning of the year, the number of cryptocurrencies with a market capitalization of over $1 billion has also seen a significant decline.
At press time, there are 53 digital assets, including Bitcoin (BTC), with a market capitalization of over $1 billion, compared to 118 on January 1, 2022, according to data obtained from CoinMarketCap on September 26.
In other words, the number of crypto tokens with a market capitalization of over $1 billion is down 55.08% since the beginning of the year, which Coinphony discovered by integrating existing CoinMarketCap data with a web archive tool.
The market capitalization of cryptocurrencies is declining, the number of cryptocurrencies is increasing
Meanwhile, in mid-September, the global cryptocurrency market lost $165 billion in just one week – between September 12 and September 19 – and plunged to its lowest level in two months, while its market capitalization fell from $2.19 trillion to $2.19 trillion since The beginning of the year. 925.4 billion dollars.
On the other hand, the total number of cryptocurrencies recorded gains in the three months after June 20, rising from 19,938 to 21,022 on September 20, or 5.44%, despite the decrease in the number of cryptocurrency exchanges by 3.41%, according to the data.
Meanwhile, UK private investors are increasingly pouring money into the cryptocurrency market, investing around $34.7 billion in cryptocurrency so far in a country where 34% of the population owns many cryptocurrencies, according to a new report.
As it stands, the crypto asset, Bitcoin, is struggling to keep its head above the $19,000 threshold, and is currently trading at $19,069, which represents a growth of 0.05% on the day, as well as 1.53% in the past week.
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The published number of cryptocurrencies with a market capitalization of over $1 billion that fell by 55% in 2022 first appeared on Coinphony.