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.
We are still in the discovery phase so I think many projects are still going to come in hoping for acceptance in the community, it is the task of investors to support legit projects that will contribute to the growth of blockchain and Cryptocurrency, I have invested in a lot of projects in the past, but they are now dead, because they really don't have usage or their time has not yet come.
Yes, indeed! Everyday you can still encounter new projects trying to introduce their platform and most of them want to raise funds via crowdsourcing. Very few have private funding. So more or less, very few will rise from all these new projects.
I have invested in few projects before but unfortunately, they were dead also. No trading volume, no activity, nothing. I have learned my lesson from those projects. Even they are promising at your point of view, it is not an assurance that they will do good in the market. The fate is on the hands of the developers, how they can utilize their funds to deliver their objectives. And the community that will support such platform. If there is no real benefit that you can derive from their app or their platform, then it will be deemed useless and so it will die very soon.