The number of cryptocurrencies with a market capitalization of over $1 billion will drop by 55% in 2022

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.

Global graph of cryptocurrency market capitalization since the beginning of the year. Source: CoinMarketCap

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.

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