Crypto Milestone Sees CoinMarketCap Now Lists Over 2,000 Different Tokens and Coins
One Small Step For Labh Coin, a Giant Leap For CoinMarketCap
A decade ago, no one would have imagined the innovation that would lead up to the presence cryptocurrencies have today. Bitcoin launched in January 2009 and was the only option for a long time. In fact, till 2013, there was no real way of getting comprehensive statistics about cryptocurrencies. CoinMarketCap changed that.
CoinMarketCap is today, according to data from Alexa.com, the number one site for checking cryptocurrency market capitalization and crypto exchange statistics. It has a large database that encompasses nearly all the cryptos in existence. And on the 3rd of October this year, after introducing Labh Coin, it hit the 2,000 mark. A truly remarkable journey when one considers the first snapshot in April 2013 when it had listed down 7 cryptocurrencies.
The site averages over 400 new listings of crypto tokens a year. It has also noted that in the last couple of years there has been a nearly 2000% increase in cryptocurrencies. This might come as a surprise to some but is hardly news to most.
Case in point, the young founder of CoinMarketCap, Brandon Chez, in a recent interview discussed that he had anticipated this trajectory of growth. He was quoted as saying:
“It was apparent that the idea of cryptocurrencies wasn't going away, especially being part of the emerging community that rallied around the promise of what a world with cryptocurrencies would look like. I did imagine at the start that it would reach this number in the near future, but it's still quite amazing to see it finally come to fruition.”
What to Make of All This
The market has clearly summed up it's feeling, there is still an appetite for digital currencies, and the true potential of blockchain has yet to be realized. The options available are still less than the overall demand for secure representation of value. In the same interview, Brandon had expressed
“This is something that cryptocurrencies and related technology excel at, so the crypto industry will definitely also benefit from this rise”
However, in these unfavorable market conditions, a little caution is advisable. And Brendon echoed similar sentiments when he talked about asset creation fatigue.
“I think the industry is fatigued with new asset creation right now in the bear market, especially since ICO prevalence has died down.”
Looking at the coming year he ended on a positive noted stating:
“Assuming a bull market in 2019, I expect token creation to speed back up as teams are willing to pour more capital into new projects as their existing crypto portfolios appreciate in value.”
How Does it Make a Difference
A consistent rise in actual coins shows the faith reposed in this technology not only by tech enthusiasts but businesses in general. And looking at the total market capitalization of all cryptocurrencies shows more interesting statistics. In its first month, CoinMarketCap aggregated seven listed assets worth about $1.5 billion. That has now ballooned to a shade over $200 billion. At its peak, in January this year, the total market capitalization was over $800 billion.
As such the market needs a reliable indicator and CoinMarketCap takes this seriously. It has strict guidelines that each listing must adhere for instance, for something to be considered it must be a cryptocurrency or crypto token on a public exchange with an API that reports the last traded price and the last 24-hour trading volume.
Another pre-requisite is that the asset must be able to prove its tradeability and “must have a non-zero trading volume on at least one supported exchange so a price can be determined, and for market cap ranking, an accurate circulating supply figure is required.”
CoinMarketCap has witnessed the rally that pushed Bitcoin to its zenith in just a few months. It has also seen the sober reality of the market forces that caused the prices to tumble. Despite this, 2018, and the near future look promising. The number of tokens on CoinMarketCap now at 2,070. keeps rising. With increasing market diversity and more companies integrating blockchain the general forecast looks sunny.