According to CoinMarketCap, there are 6,588 cryptocurrencies being traded on the market right now. Almost every day we see new ambitious crypto projects being listed on major crypto exchanges, but only a select few are useful for the mainstream world. We already have Bitcoin and Ethereum, which are the most prominent cryptocurrencies on the market. Most (if not all) cryptocurrencies' code are based on either the Bitcoin or Ethereum blockchains. If we put aside additional features and base ourselves on the core blockchain protocol, then Bitcoin and Ethereum may be the only cryptocurrencies humanity needs to participate in the decentralized economy. I think that there are way too many cryptocurrencies and tokens on the market these days, considering that not everyone uses all of them for daily payments. Some developers launch new cryptocurrencies with no real use cases for the mainstream world just to make a quick buck.
Do you think the crypto market is saturated? If not, why? Your input will be greatly appreciated.
Do you think the crypto market is saturated? If not, why? Your input will be greatly appreciated.
We can't define what is the exact saturation point of number of crypto currencies because it is not used for the purpose which is create for.IMHO yes it is overwhelming with lot of shit projects which is even gaining marketcap value due to ignorance of traders and smartness of whales.Furthermore these shit defi coming into the market and started collapsing the whole market with the word revolutionary idea so it might affect the crypto market in the short term but in the long term only the fittest will going to be survived.