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.
Some digital assets will eventually become an essential part of the global financial system as a digital currency and a store of value. However, the vast majority of tokens currently available on the market have no use cases and were designed exclusively for making quick profit purposes, especially in 2017. Over time, the crypto market will become more efficient (and regulated) and I assume the digital asset prices will eventually start reflecting their real intrinsic value.