They're all looking to grab their little slice of the pie. 99.99% of the altcoins are not needed, they are just niche implementations of more diverse platforms such as ETH and EOS. There needs to be a serious cull of these trashcoins, and I think over the next couple of years we will definitely see the vast majority of these get close to a $0 market cap.
Looking at CMC we can see that there have been over 1,000 new additions within the last year, as of writing there are over 2,000 coins listed on CMC, which means there was a 50% increase within a year - https://coinmarketcap.com/currencies/volume/monthly/
Almost 700 of these coins have a monthly trade volume under $100,000 ergo, they are pretty much dead.
This is going to keep getting worse until 99% of all coins have no trade volume, don't feed the trend, ignore trash new coins that offer nothing new. If they are a niche coin or have limited expected utility, o not pay it any attention, and don't even invest to dump later as you're just detracting funds from the main contenders.
Topic: Number of altcoins keep increasing! - page 19. (Read 3509 times)
Alot of them are currently dying while market bleeds . There was an article where was graph with all ICOS in 2017 and how many ETH , BTC they collected . Today almost all of them spent / sold collected funds . So it means they dont have funds for developing project further . Take a look at projects like Cofound and many others , they are closing down and some of them even run away with last pieces of crypto lol
Sure there can be many altcoins that can be introduced in the market and it may confuse some users or take some share in the current state of it, however just remember that it will still be up to the demand of that coin or token whether they can be successful and will stay in the market. Sure there can be 10 tokens that will be added in a day but also 10 or more tokens are left out the dust too.
It does not matter, everyone can create a coin which is mostly useless and for nothing so it will keep rising, but good coins that will have impact on the industry also there.
I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing. The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!
Jump to: