Are there still 10,000 types or 20,000 types? Unveiling the truth behind the explosive growth of cryptocurrencies

How many cryptocurrencies are there now? This question seems simple, but the answer is surprisingly complex. According to Statista’s statistics, as of September 2024, the number of cryptocurrencies has approached 10,000. But that’s not the full story — some data sources claim there are about 20,000 cryptocurrencies worldwide, though most of these have long become “zombie projects,” either completely shut down or rendered useless.

How to interpret the data?

Accurately counting the number of cryptocurrencies is quite difficult, after all, new projects are born every day, and old ones are constantly phased out. According to CoinMarketCap, the current tracked number of cryptocurrencies is about 9,916; while CoinGecko records 15,142. That’s why no one can give an absolutely precise number — the market is constantly changing, and different standards are used for statistics.

But one thing is certain: since the birth of Bitcoin in 2009, the variety of cryptocurrencies has increased by thousands of times. What exactly has happened behind this?

Why are there so many cryptocurrencies?

The answer is simple: the barrier to entry is too low.

Thanks to the widespread adoption and development of blockchain technology, even developers with only basic programming knowledge can now easily create their own crypto projects. Especially after platforms like Ethereum emerged, developers no longer need to build their own blockchain from scratch — they can directly create tokens on existing infrastructure.

This low barrier to entry has sparked a frenzy of innovation. Every new project boldly claims to have some unique advantage: faster transaction speeds, stronger privacy protections, or application scenarios tailored to specific industries. Some even target vertical fields like gaming, art, or supply chain management. Although most of these projects will eventually be phased out by history, this “trial-and-error culture” has driven progress and innovation across the entire crypto ecosystem.

Main categories of cryptocurrencies

Bitcoin and its derivatives

Bitcoin is the pioneer and the most well-known cryptocurrency. It introduced a whole new concept: decentralized, peer-to-peer digital currency, free from government interference. Subsequent versions like Bitcoin Cash and Bitcoin SV are forks of Bitcoin, with tweaks to improve transaction speed or reduce fees.

Altcoins

In short, all cryptocurrencies other than Bitcoin are considered altcoins. Ethereum offers powerful smart contract capabilities, while Solana is renowned for its lightning-fast transaction speeds and low fees. Each tries to find its niche in this crowded market.

Stablecoins

These coins aim to eliminate volatility. They are usually pegged to real assets like the US dollar. Tether is the most popular representative in this field, providing traders with a stable store of value.

Meme Coins

Dogecoin and Shiba Inu started as internet culture phenomena, initially not taken seriously. But viral social media spread changed everything, turning them into genuine market players. Pepe Coin, inspired by frog memes, is a rising star that has also caused waves in the crypto circle.

Utility Tokens

These tokens are designed to power specific applications. Chainlink acts as a bridge between smart contracts and real-world data, while Uniswap plays a governance role in decentralized trading protocols.

Which cryptocurrencies truly matter?

Although there are thousands of cryptocurrencies, only a small fraction have real market influence and long-term value.

Bitcoin remains the undisputed king — it is the earliest, most widely recognized, and has the highest market cap. Ethereum is the second-tier leader, with its smart contract capabilities fueling the boom of DeFi and NFT ecosystems. Solana has gained attention for its ultra-high transaction throughput and has at times become a major competitor to Ethereum.

As for meme coins, while they attract attention and capital, their long-term value remains uncertain. Projects with solid technical foundations and broad application scenarios are the ones that can truly change the industry — and such projects are few and far between.

The world of cryptocurrencies is still evolving rapidly, but only a few will leave a lasting mark in history.

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