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.
It's healthy and unavoidable. Anyone can create a coin and it's even easier to create a token. It just raises the flow of smart money into high marketcap coins when people realize where the stupid money is going. Anyone is free to try out their own idea of a token or coin, and everyone is free to invest to in any idea. I am a big believer on markets darwining them selves out.
There will be even more scams and shitcoins because the stupidity of people is an endless supply. Only thing we can do to make a difference is spreading information or suing the real scams afterwards.