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How many cryptocurrencies are there? Total number and types

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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.

How many cryptocurrencies are there? A growing industry - 1
Number of coins tracked by CoinMarketCap | Source: CoinMarketCap

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.



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India’s Ambiguous Crypto Policy: Time for Worldwide Unity

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The Indian government stated in a recent declaration to Lok Sabha that there is no fixed timeline for the rollout of the comprehensive set of regulatory guidelines for virtual assets.

The government’s response followed queries posed by two Members of Parliament on what steps were being taken to set up a structured regulatory framework along with an expected timeline for such regulations.

Although the administration noted that it consulted with industry stakeholders and relevant international organizations both formally and informally, it asserted that policy efforts on VDA are needed globally in order to avoid regulatory arbitrage to ANI. India seeks to have effective regulation of borderless crypto assets emerge only through deep international cooperation. 

As taxation on VDA-related income already exists and with VDA transactions brought under the Prevention of Money Laundering Act since March 2023, the government said crypto assets are borderless and thus require international cooperation to prevent regulatory arbitrage. The adoption of the “G20 Roadmap on Crypto Assets” during India’s G20 Presidency brought forth the pressing need for collaborative action at the global level while urging all jurisdictions, especially emerging economies, to develop risk-sensitive regulation.

However, challenges linger as India navigates the path of innovation and investor protection alongside economic strength and financial stability. Given that VDAs transcend borders, the investor protection framework is seen as lacking without robust international cooperation. A clear regulatory timeline leaves market participants with clarity to contend with, as policies rooted in national interest as well as shifting global consensus about how to regulate digital assets continue to take shape.

These latest developments uphold a rising vulnerability in India’s quickly changing crypto sector. While it leads many countries in grassroots digital asset adoption, its popularity has also put it at the top of the list for many fraudsters.

The Andhra Pradesh scam, the most recent in a string of high-profile crypto-related frauds, fits a mold that has emerged elsewhere this year in India, where the lure of appealing monthly returns and aggregates framed as affiliated to reputable exchanges have brought investors from all backgrounds into elaborate enterprises.





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Bitcoin

Fair Value Accounting for Bitcoin: FASB Rules Take Effect

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As of today, the Financial Accounting Standards Board will put its Fair Value accounting rules on BTC and other eligible crypto assets into effect. 

Under the new rules, companies will measure crypto assets at fair value and update them at each reporting period in their financial statements. This will help companies realize both profits and losses based on Bitcoin’s (BTC) market prices, helping them keep pace with the often fluctuating traded status of the currency. FASB ASC Subtopic 350-60 outlines a new accounting standard that is suitable for fungible crypto assets that meet certain requirements. However, NFTs, wrapped tokens, and internally generated digital assets are exempt from the scope. 

Companies holding BTC as treasury reserve assets can now benefit from simplified reporting processes due to FASB’s decision to embrace fair value accounting. The update is anticipated to accelerate corporate adoption by providing greater transparency and a more precise valuation of crypto holdings for investors, creditors, and other stakeholders. As businesses increasingly turn to BTC as a long-term strategic reserve, this rule change will cement BTC’s dominance further into the fabric of modern finance. 

Allowing companies to account for BTC, with BTC assets priced at fair value, will do away with a major disjunction in corporate reporting, given that BTC used to be to be valued using its purchase price until now. Any gains were left out of the records, and only losses were recorded if the value decreased. Offering this option will also give retail investors an unrounded view of a company’s financial position. 

The new rules, which mandate reporting of BTC at current market value, will provide more transparency and accuracy of the financial statements, allowing investors to assess risks, cash flows, and performance more effectively for companies such as MicroStrategy, Tesla and so on. Differences between traditional markets and the crypto economy fade as BTC’s grip as a financial asset becomes firm and clearer, and fair-value accounting standards are now in place.





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Altcoin

Bitcoin Flash Crash Drags Meme Coins Down: Doge, Shiba, Pepe

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Bitcoin crashed nearly 10% below its all-time high of $104,088 to a low of $94,150 on Monday. The flash crash was short-lived, but it dragged down altcoins and meme coins like Dogecoin, Shiba Inu, Pepe, Dogwifhat and Bonk. 

The top 10 meme coins ranked by market capitalization noted nearly double-digit losses in the past 24 hours. As altcoin season ends abruptly, it remains to be seen whether meme coins can recover from their recent losses and hit their cycle bottom. 

Bitcoin correction and meme coin price trend

Bitcoin trades nearly 6% below its all-time high on Tuesday. The largest cryptocurrency’s flash crash ended the altcoin season. The blockchain centre altcoin season index reads 65 on a scale from 0 to 100, meaning the alt season has ended.

Technical indicators show mixed signals on where the BTC price is headed; the relative strength index reads 59 and is sloping upwards. However, moving average convergence divergence shows underlying negative momentum in the Bitcoin price trend. 

Further correction in Bitcoin does not bode well for meme coins as a decline in the largest cryptocurrency ushers mass liquidation in meme coins and altcoins across derivatives exchanges. 

Bitcoin
BTC/USDT daily price chart | Source: Crypto.news

Meme coins have suffered a steep decline in the past 24 hours, and while the tokens have started a recovery in the past hour, there have been double-digit corrections across the top 10 tokens. 

The meme category erased nearly 15% in market capitalization in the past 24 hours, down to $128.26 billion.  

meme coins
CoinGecko top 10 meme coins and price changes in 24 hours | Source: CoinGecko

Meme coins and Santa rally

While meme coins led gains this altcoin season, it remains to be seen whether the “seasonal” gains will push prices higher. Typically, during the Christmas holidays, altcoins tend to rally, this is a result of less activity across crypto exchanges and a relatively lower volume of trades. 

Both factors make it easier for the market to move and prices to fluctuate against lower liquidity. 

Meme coin price charts show tokens have rallied ahead of Christmas on previous instances, if history repeats meme tokens lead by Dogecoin could recover lost ground and make a comeback before the end of 2024. 

DOGE has rallied nearly 350% year-to-date. In the same timeframe, SHIB, PEPE, WIF and BONK gained 160%, 1,860%, 145% and 180% respectively. 

Despite the recent pullback in meme coin prices, each of the tokens in the top five has yielded over three-digit gains for hodlers in 2024. This supports a thesis of price recovery and year-end rally for the category. 

Trump correlation and bullish drivers

The incoming U.S. President Donald Trump and his Department of Government Efficiency D.O.G.E, led by tech giant Elon Musk and fellow Presidential candidate Vivek Ramaswamy have acted as key drivers of the meme coin rally this cycle. 

Elon Musk’s comments and D.O.G.E’s incorporation are top market movers for DOGE, other factors like capital rotation from altcoins and altcoin season drove meme coin prices higher in the past four weeks.

While several meme coins rank among trending tokens every day, DOGE, SHIB, PEPE, WIF and BONK have earned the reputation of blue-chip meme coins. The tokens have a market capitalization of between $1.21 billion and $15.33 billion, per CoinGecko data.

Even as top five cryptocurrencies compete with each other, Solana battles XRP and Ethereum for market share, meme coins play a crucial role in the narrative. A report by 21Shares published earlier this week states meme coins contributed to a majority of the trade volume across Solana-based decentralized exchanges. 

Data from the Artemis Terminal shows that as of November 27, meme coins have achieved a 261% year-to-date growth, making them the second-best-performing sector in the crypto space, trailing only Real-world assets. 

LBank, a cryptocurrency exchange platform, identified the top 10 meme coins of 2024 that include tokens that are not considered blue-chip but outperformed the sector. 

Top 10 meme tokens
LBank top 10 trending meme coins | Source: CoinGecko

Technical analysis and price targets

Dogecoin is currently trading 22% below its 2024 peak of $0.48434, as seen in the DOGE/USDT weekly price chart. The target for the cycle is the May 2021 peak of $0.73995, and a key resistance on the path is at $0.60000. 

RSI shows DOGE is currently overvalued, and typically, this is considered a sell signal. A short-term correction could send the meme coin to the buy zone between $0.29874 and $0.35740. 

MACD indicates an underlying positive momentum in the DOGE price trend. 

Bitcoin flash crash drags meme coins down, Dogecoin, Shiba Inu, PEPE, Dogwifhat, Bonk hit bottom? - 1
DOGE/USDT weekly price chart | Source: Crypto.news 

Shiba Inu declined nearly 23% from its December 2 top of $0.00003343. The momentum indicator MACD shows an underlying positive momentum in the SHIB price trend. 

The target for the cycle is a March 2024 peak of $0.00004567, nearly 40% above the current price. The buy zone for Shiba Inu is between $0.00001983 and $0.00002259. 

Bitcoin flash crash drags meme coins down, Dogecoin, Shiba Inu, PEPE, Dogwifhat, Bonk hit bottom? - 2
SHIB/USDT weekly price chart | Source: Crypto.news

PEPE is currently within the buy zone, marked by the 61.8% and 78.6% Fibonacci retracement levels of the rally from the November 4 low of $0.00000771 and the December 9 peak of $0.00002836. 

The target for the cycle is 141.4% Fibonacci retracement level at $0.00003691. 

Bitcoin flash crash drags meme coins down, Dogecoin, Shiba Inu, PEPE, Dogwifhat, Bonk hit bottom? - 3
PEPE/USDT weekly price chart | Source: Crypto.news

WIF’s target for the cycle is the all-time high of $4.860, the resistance is the April 2024 peak of $4.343. The buy zone for sidelined trades is between key support levels at $2.438 and $2.649. 

MACD supports a thesis of further gains in WIF price this cycle, traders need to keep their eyes peeled for trend reversal as RSI is sloping downward. 

Bitcoin flash crash drags meme coins down, Dogecoin, Shiba Inu, PEPE, Dogwifhat, Bonk hit bottom? - 4
WIF/USDT weekly price chart | Source: Crypto.news

BONK is currently within its buy zone between $0.00002786 and $0.00003574. BONK’s target is at an all-time high of $0.00006230, and resistance is at $0.00005666. MACD supports a bullish thesis for BONK price. 

RSI is sloping downward and reads 54, close to the neutral level. BONK could observe a short-term correction prior to its recovery and rally towards its cycle top. 

Bitcoin flash crash drags meme coins down, Dogecoin, Shiba Inu, PEPE, Dogwifhat, Bonk hit bottom? - 5
BONK/USDT weekly price chart | Source: Crypto.news

Strategic consideration

Bitcoin’s steep price decline pushed the meme coin category nearly 15% lower in market capitalization. Meme tokens typically react negatively to corrections in Bitcoin price. Traders need to watch the BTC price trend closely for drops in meme coin prices this cycle. 

Altcoin season has ended, and meme coins no longer lead gains among different crypto token categories. Traders need to pick meme coins with strong community, liquidity and relatively high market capitalization to protect against rug pull incidents and unprecedented losses. 

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.



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