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.
It depends on what you mean by saturated, if you mean that we are too full of a bunch of useless projects trying to get money from investors and not offering anything in return then without a doubt we are saturated, however there are also a few good projects out there and we need more of those and for those kind of projects we will never reach any kind of saturation, because those projects are what move us forward and they give us new solutions to old problems that if effective similar code could be implemented in bitcoin to make it stronger and more resistant to any attempt of censorship. Do you think the crypto market is saturated? If not, why? Your input will be greatly appreciated.