The first cryptocurrency appeared in 2009, and today, its name is known by almost everyone — Bitcoin. What made it so intriguing was the promise of a new kind of money: no government interference, full privacy, and everyone having the same rights within the system.

At first, Bitcoin (BTC) was not taken seriously. It wasn’t until 2013, when its price passed a few hundred dollars, that the rise of cryptos really took off, and they began spreading and multiplying globally. So, how many cryptocurrencies are there today?

How many cryptocurrencies are in the world?

Statista reports that by September 2024, the number of cryptocurrencies is getting close to 10,000. However, it’s worth noting that many of these cryptocurrencies may not be particularly relevant or active.

Statista also notes that other sources estimate there are around 20,000 cryptocurrencies in existence, though most of these are either inactive or have been discontinued.

As of early November CoinMarketCap, a leading cryptocurrency data aggregator that tracks prices, market cap, and trading volume, lists 9,916 cryptocurrencies, while CoinGecko, another popular crypto data platform known for its comprehensive market statistics, shows 15,142.

Figuring out exactly how many cryptos there are is tricky, since the number keeps changing, but we can say this for sure: there are way more now than there were in 2009.

Why are there so many cryptocurrencies?

Thanks to easier access to blockchain technology, even those with basic coding knowledge can launch their own cryptocurrency. Platforms like Ethereum allow developers to create tokens without needing to build their own blockchain from scratch.

This low barrier to entry has led to an explosion of new projects, each claiming to offer something unique, whether it’s faster transactions, privacy features, or use in specific industries. Some even target niche markets like gaming, art, or supply chains.

While many of these coins won’t survive long-term, the ease of creation fuels constant experimentation and innovation, driving the evolution of the entire crypto ecosystem.

How many types of cryptocurrencies are there?

How many crypto are there?

With so many different types of cryptocurrencies, each designed for a specific goal, here’s a breakdown of the main categories.

Bitcoin and Bitcoin forks 

Bitcoin is the first and most famous cryptocurrency, designed as a decentralized, peer-to-peer digital currency. Bitcoin forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) are versions of Bitcoin with minor adjustments to improve speed or transaction costs.

Altcoins 

Altcoins are basically any cryptocurrencies that aren’t Bitcoin, each offering something unique, whether it’s new features, different uses, or fresh technology to shake up the digital currency scene. For example, Ethereum (ETH) brings smart contracts to the table, while Solana (SOL) stands out for its fast and low-cost transactions.

Stablecoins 

Designed to reduce volatility, stablecoins are pegged to real-world assets like the US dollar. Tether (USDT) is the most widely used, offering stability for traders.

Meme coins

Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) were created as fun projects but turned into something much bigger thanks to viral social media moments. Pepe Coin, inspired by the Pepe the Frog meme, has also become popular in the meme-crypto space.

Utility tokens 

These tokens are used to power specific applications. Chainlink connects smart contracts to real-world data, while Uniswap is used for governance in the Uniswap decentralized exchange. Binance Coin started as a way to pay lower fees on the Binance exchange but now has broader uses across the Binance ecosystem.

How many cryptos are actually significant?

There are thousands of cryptocurrencies out there, but only a small percentage are truly significant, in terms of widespread use, market value, and technological impact. Bitcoin remains the dominant force, widely recognized as the first and most valuable cryptocurrency.

Ethereum is another heavyweight, known for its smart contract capabilities and dApps, driving much of the DeFi and NFT boom. Other notable cryptos include Binance Coin, which powers the Binance ecosystem, and Solana, praised for its high-speed transactions.

Meme coins, like Dogecoin and Shiba Inu, have certainly gotten attention, but whether they’ll have lasting value is still a big question. The crypto world is moving fast, but not many assets have truly changed the industry. The ones that have are still the ones leading in terms of innovation and market impact.

Florida Chief Financial Officer Jimmy Patronis revealed that the state holds approximately $800 million in crypto-related investments as part of its portfolio, a position he discussed during a CNBC interview.

Patronis emphasized Florida’s commitment to exploring cryptocurrency as a viable investment, despite traditional concerns about its role in state retirement funds.

“Crypto is not going anywhere. It’s not going to contract. It’s going to continue to be expanding,” Patronis stated in the interview, expressing confidence in the technology’s long-term potential.

Patronis made it clear that he views cryptocurrency as an established asset class with substantial investment prospects.

“We have about $800 million in crypto-related investments in our state portfolio,” Patronis said in reference to Florida’s crypto holdings. 

Florida isn’t the first U.S. state to dabble in crypto holdings. Wisconsin’s Investment Board had invested in the two largest spot Bitcoin (BTC) ETFs, holding 2.4 million shares of BlackRock’s iShares Bitcoin Trust worth nearly $99.1 million as of May 2024. Additionally, a U.S. SEC filing revealed that the state-owned over 1 million shares of Grayscale’s GBTC, valued at more than $63.3 million at the end of March.

Other states like Ohio and Pennsylvania have pushed pro-crypto legislation as well.

Florida and crypto regulation

The interview also covered regulatory concerns. Patronis discussed Florida’s approach to crypto regulation, particularly regarding national issues like the potential implementation of a central bank digital currency.

He expressed concerns about possible federal overreach with a centralized digital currency, emphasizing that cryptocurrency offers an alternative for preserving purchasing power amid inflationary pressures.

Patronis outlined a broader vision to position Florida at the forefront of the crypto landscape, with the aim of making Miami a key global crypto hub.

Digital asset investment firm Algoz has announced a strategic collaboration with regulated market maker and top over-the-counter desk Wincent.

Algoz shared details of the new partnership via a press release sent to crypto.news on Oct. 30. This announcement follows Algoz’s recent collaboration with Standard Chartered-backed Zodia Custody.

According to the announcement, Algoz will leverage its partnership with Wincent to facilitate the onboarding of new investors. Through this collaboration, investors such as family offices seeking to enter the crypto market via Algoz will not need to convert fiat currencies to crypto beforehand, as is typical across many providers in the industry.

Wincent offers the solution to this hurdle. Algoz users can now invest using Tether (USDT) Bitcoin (BTC) and Ethereum (ETH) and other cryptocurrencies using U.S. dollars, euros, or other fiat currencies. The partnership allows Algoz clients to directly swap fiat for crypto, reducing risks associated with exposure to unregulated providers.

Algoz noted that its collaboration with Wincent supports asset conversion based on already approved know-your-customer and anti-money laundering checks. These regulatory requirements are critical components of global crypto regulation, with various industry players viewing them as essential to the growth of the crypto market.

With regulatory clarity pivotal to the industry, many players are implementing measures to ensure safe on- and off-ramping of customers. Regulated platforms like Wincent and institutional-backed providers like Zodia Custody contribute to this approach.

The platform’s off-exchange settlement solution, Quant Pro, plays a central role in the partnership.

For Algoz, the solution, Zodia’s custody wallet, and Wincent’s know-your-customer and anti-money laundering integration add a layer of protection for users.

 “The creation of Quant Pro, our off-exchange settlement system, using Zodia was the first breakthrough for investors as we were able to significantly mitigate exchange and management counterparty risk.”

Stephen Wundke, director of strategy and revenue at Algoz.

Wincent’s regulated market records between $3 and $5 billion in daily volume, with over 300,000 daily transactions.