How many cryptocurrencies are there? An expanding universe

Question

The first cryptocurrency was born in 2009 and today everyone recognizes its name: Bitcoin. Its appeal lay in a revolutionary promise: money without government control, total privacy, and an egalitarian system for all participants.

At first, no one took Bitcoin seriously. It wasn't until 2013, when its price skyrocketed to hundreds of dollars, that the crypto revolution really began to spread like wildfire. But how many digital coins populate this parallel universe today?

The changing number of cryptocurrencies

According to Statista, by September 2024 there were nearly 10,000 cryptocurrencies. Although I must confess that many of these are practically irrelevant or inactive. Other sources suggest that there could be as many as 20,000, but most are abandoned projects.

In early November, CoinMarketCap recorded 9,916 cryptocurrencies, while CoinGecko showed 15,142. It is impossible to give an exact number, as it changes constantly, but one thing is clear: the ecosystem has grown exponentially since that distant 2009.

Why this proliferation?

I am surprised at how ridiculously easy it is today to create a cryptocurrency. With basic programming knowledge and platforms like Ethereum, anyone can launch their own token without the need to build a blockchain from scratch.

This low barrier to entry has caused an avalanche of projects, each claiming to offer something “unique” - whether faster transactions, greater privacy, or specific applications. Personally, I see that many are simply copies with new packaging, destined to disappear, but this constant experimentation drives the evolution of the ecosystem.

Types of cryptocurrencies

The crypto ecosystem is divided into several categories:

Bitcoin and its forks: The original and its variants such as Bitcoin Cash and Bitcoin SV.
Altcoins: Any crypto that is not Bitcoin. Ethereum with its smart contracts or Solana with its fast transactions.
Stablecoins: Pegged to real assets like the dollar to avoid volatility. Tether dominates this segment.
Meme coins: Like Dogecoin and Shiba Inu, born as jokes but driven by viral phenomena.
Utility tokens: Designed for specific functions within applications or ecosystems.

The ones that really matter

Of the thousands that exist, only a handful have true relevance. Bitcoin remains the undisputed king. Ethereum has established itself with its smart contracts, driving much of the innovation in DeFi and NFTs. Some like Solana also stand out with its ultra-fast transactions.

Meme coins have captured media attention, but their long-term value is questionable. In my opinion, the market is oversaturated with projects that have no real utility and will eventually disappear when investors seek substance beyond the hype.

The crypto universe is evolving rapidly, but few have truly transformed the industry. The leaders will continue to be those that offer genuine innovation and real impact in the market.