Cryptocurrency notes strong growth nearly every year. Current rankings and statistics look very different compared to five years ago. An influx of new projects has caused the top 10 of cryptocurrencies to change quite a lot. Bitcoin remains the undisputed leader, but all other positions appear up for grabs.
Cryptocurrency Rankings Evolve Constantly
The cryptocurrency industry only began gaining real traction during 2013. Bitcoin suddenly became the talk of the town. Although other rivaling projects existed, a new coin was announced practically every month. In 2018, new tokens and coins seem to pop up every single day. A lot has changed compared to 2013, especially where cryptocurrency rankings are concerned.
CoinMarketCap kept track of the available in currencies five years ago. A total of 15 projects was listed, compared to over 1,600 today. Bitcoin was the market leader back then, as it still is today. A total cryptocurrency market cap of $1.5bn was noted, whereas that value has increased to $215bn today. Despite price fluctuations, the growth is clearly visible for everyone to see.
Compared to 2013, a lot of top projects have fallen off the radar. Litecoin is the only notable project to maintain its position in the rankings. The likes of Terracoin, Peercoin, Freicoin, and BBQCoin have been all but forgotten. The potential of some of these currencies was never reached. Five years ago, the industry was very new, and get-rich-quick schemes were not as apparent as they are today.
Institutional Traders Want Stability
Despite hundreds of new currencies coming to market every year, not all of them will survive. In the ICO industry, it is expected nine in ten projects will fail in the end. Most altcoins also struggle to remain relevant, and the rankings of 2018 will look very different in 2023. That is only normal, as it is very difficult to make a meaningful impact in cryptocurrency.
The ongoing expansion of cryptocurrency is not necessarily a good thing. A lot of projects in existence do not need their own token to succeed. Instead, they could easily rely on Bitcoin, Ethereum, Litecoin, and others. Institutional investors have begun showing an increasing appetite for cryptocurrency. Current market conditions and rankings may not make this industry look very appealing to those traders.
Cryptocurrency volatility has always been a primary selling point of the industry. Over time, traders have expressed their preference for a reduction in volatility and risk. That is rather difficult to achieve. Automated algorithms hooking into cryptocurrency prices seem to be a powerful solution in this regard. Those tools may affect the current cryptocurrency rankings in many different ways.
What do you think about ongoing market volatility? What will it take to stabilize the crypto market? Let us know in the comments below.
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