New Delhi, Oct 7 (IANS) About 85 per cent of the world’s cryptocurrencies are worth less than one cent, according to a report on Monday.
The total number of cryptocurrencies has been floating between 8,500 and 10,000, with new tokens being launched every time a bull run in the crypto space begins.
Currently, the total number of cryptocurrencies remains at a high of 9,861. However, most of them have little or practically no value.
As per data analysis by AltIndex.com, 85 per cent of all cryptocurrencies circulating in the market are worth less than one cent.
It also showed 9,525, or 96 per cent of all coins circulating in the crypto space, are worth less than a dollar.
Just 131 coins were valued between 50 cents and one US dollar (as of last week), the report mentioned.
“Around 400 had a price tag between 50 and 10 cents, and another 548 were valued between one and 10 cents. That means a shocking 8,443 coins, or 85 per cent of all cryptocurrencies, are worth less than a cent,” the analysis revealed.
Several such crypto tokens were launched during the cryptocurrency boom. Due to a rise of blockchain technology, anyone can launch a new cryptocurrency.
As per CoinMarketCap data, top five cryptocurrencies now make up 82 per cent of the total crypto market cap, with a combined value of $1.78 trillion.
Bitcoin accounts for 56 per cent of the global crypto market cap, up from 48 per cent a year ago. Ethereum makes roughly 12 per cent of the total crypto market cap, 7 per cent less than last year.
On Monday, Bitcoin price was hovering around $62,800, up 1.5 per cent. Ethereum was also up 1.3 per cent at nearly $2,450, according to latest data from CoinGecko.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
