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.
I actually do think the market is saturated with these coins. A lot of these coins are not so much different from being useless. I believe a useful coin should be used not only as an asset or as an investment but also as a currency.
Bitcoin and Ethereum have been used to this effect and so they are useful coins to me.
Although, coins this much give traders options to trade in, I do think 6 thousand plus coins is too much of an option.