Not just Bitcoin and ether: how many Cryptocurrencies there are in the world

Not just Bitcoin and ether: how many Cryptocurrencies there are in the world

Web 3.0 projects, from meta-universes to NFT marketplaces, are all around us. New Cryptocurrencies appear on various Blockchains at an incredible speed, so it’s hard to keep track of their exact number and decide which is the best one to invest in.

Let’s try to figure out how many Cryptocurrencies there are at the moment and how to assess their risks.

Most likely, you already know that in addition to Bitcoin and ether, you can buy many other digital currencies online. Their exact number is unknown, but here is some data worth looking at.

According to CoinGecko, there are over 500,000 Cryptocurrencies in total. However, most of them have gone out of circulation or are simply spam. Therefore, they do not need to be tracked.

GeckoTerminal is a service from CoinGecko that scans various Blockchains and exchanges to make sure coins and their value are up to date. In addition, all lists are manually checked, which means there are definitely no fraudulent coins on the site.

CoinMarketCap takes a slightly different approach. The site provides a form through which community members and project managers can submit requests to add their Token or currency to the list. CoinMarketCap checks various parameters such as trading volume, community involvement, development team and project age.

Not really. According to CoinMarketCap, creating your own Token and listing it on centralized exchanges like SushiSwap and UniSwap is not too difficult. You can find out how many Tokens are added daily at TokenFomo – it displays all the innovations on major Blockchains in the last 24 hours.

At ListingSpy, developers have added more than 50 Tokens in the last 15 days. It’s hard to be sure that all of them are real. Many of them have a trading volume of only a few hundred dollars, which means that almost no one uses them, and it is better to stay away from them.

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Tools such as TokenSniffer, BSC Check, StaySafu and RugDog also help assess the risks of new Tokens and identify fraudsters.

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Written by Renat
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