Days back the available number of cryptocurrencies reached 3000+ while the trading pairs have gone above 20750, and today it has got increased to 3025. If the same continues we can expect the number of cryptocurrencies available in the market to be above 3500+
Is this a healthy thing for the growth of cryptocurrency network or is it degrading the value of the system as large number of cryptocurrencies are available with zero trading volume and without any product backing.
Ideally, the more number of players in the industry the better it must be for the whole market because people now have a choice. The biggest problem is that this increasing number pf players do not correspond to an increase in the quality of the projects as many of them as just "me-too" type and many just don't have use-cases clearly defined thus they don't have targeted market of their own...they can be good in their Whitepaper but look closely you can be discouraged at what you can see. The deregulated and decentralized nature of the blockchain and cryptocurrency have produced little monsters that are not contributing a lot to the health of the whole industry. This is what we get when we allow the open market take anything thrown into it without an established vetting process at hand. Sooner or later, these entities must be weeded out when intense competition is setting in. I am wondering what are the things we can do as ordinary watchers of this industry to make the marketplace as healthy as it should be...?