Although there have long been theories about anonymous digital cash, the decentralized cryptocurrency Bitcoin wasn’t initially developed until 2009. Over the next few years, cryptocurrencies like Namecoin, Litecoin, and Peercoin surfaced, and their popularity grew. More than fifty distinct cryptocurrencies existed by the end of 2013. Furthermore, by the end of 2014, this number had grown to over 500, an approximate ten-fold increase. In circulation, there are more than 10,000 cryptocurrencies. However, how did things get to this state in the banking sector? In what direction is it going? You’ll find essential data and statistics about the current condition of cryptocurrency in this collection.

How Many Cryptocurrencies Are There In 2024?

There are 10,748 cryptocurrencies in use as of November 2023. Not every cryptocurrency, though, is valued or active. Only 8,848 coins remain alive after numerous “dead” cryptocurrencies are removed. Globally, there are over 420 million bitcoin users. Furthermore, some 18,000 companies now take cryptocurrency as payment.

Top 20 Cryptos By Market Cap

In the last decade, various cryptocurrencies gained recognition, with Bitcoin standing out as the most prominent, leading in market capitalization.

Explore the breakdown of the top 20 cryptocurrencies here: All figures are accurate as of Nov 3, 2023

Key Statistics on the top 20 cryptos right now

• Bitcoin dominates with a $650B market cap, tripling Ethereum. The top 5 cryptos exceed $30B each; Bitcoin and Ethereum combine for 3x the top 20. Only 3 tokens surpass $1,000: Wrapped, Ethereum, and Bitcoin.
• The market capitalization of 11 of the top 20 cryptocurrencies is less than $5.
• Tether, USD Coin, and Dai are three of the top 20 cryptocurrencies that are closely correlated with the US dollar.

How Many Cryptocurrency Exchanges Are There?

Cryptocurrency exchanges and coins multiply as the crypto market expands, fostering a surge in both offerings.

As of November 2023, 671 trades have occurred.

Here’s a deeper look at the top five decentralized exchanges as of right now, as determined by coingmarketcap.com:

Top 5 Cryptocurrency Trends (2023 & 2024)

1. A Bear Market Emerges

The cryptocurrency market is in a bear market in the early months of 2023 given the sharp decline in asset values and the exodus of investors.

Some call it “crypto winter.”

The number of results for “crypto winter” has increased in recent years.

Three comparable bear markets that lasted longer than 20 months and had drops of more than 70% occurred in the market.

The demise of FTX, the breakdown of the Terra ecosystem, large user withdrawals, and a lot of false information contributed to the current bear market, which has been going on for more than 350 days.

The market capitalization has dropped by 65% from its all-time highs reached in 2021 in recent months.

The market value of undefined Cryptocurrency has dropped significantly in the last several months.

Positive patterns are starting to emerge, though.

Bitcoin was only 10% away from its 200-day moving average in mid-January.

In mid-January, Bitcoin surged again beyond $22,700.

Climbing over the 200-day moving average, according to some analysts, signifies the conclusion of the bear market.

Indeed, according to a December 2022 CoinWire study, 64% of investors think the market is on the verge of collapsing.

Some others predict that by the end of 2023, Bitcoin will have recovered and reached $35,000.

Bitcoin’s short-term value may be influenced by user mood, regulatory action, and the suspension of Fed rate rises.

There’s also an intriguing association between bull markets and BTC halvings.

Every four years, the rate at which bitcoins are released is halved, or shortened. An important run comes a year later, and the market is in the early stages of a bull market when this occurs, according to history from the past two halvings (2020 and 2016).

The next halving of Bitcoin won’t happen until 2024.

2. Resurging and Extending Use Cases for NFTs Crypto experts predict that non-fungible tokens (NFTs) will soon experience a renaissance.

Over the past five years, there has been a 1,000% increase in search interest in “non-fungible tokens”. 

By November 2022, the market had crashed by a staggering 97%.

The reasons for this include the bad market for cryptocurrencies, significant inflation, the frequency of fraud, and a lack of confidence in goods connected to blockchain technology.

Many people do, however, think that NFTs will shortly rebound.

According to Outlier Ventures’ founder, one of the first cryptocurrency-related markets to rebound in 2023 will be this one.

Furthermore, according to a Verified industry Research analysis, the NFT industry is expected to grow to $231 billion by 2030.

The market size and frequency of non-fungible tokens.

By 2030, the NFT market is expected to grow to around $232 billion.

One industry where NFTs haven’t lost much progress is gaming.

Gamers exchange and acquire in-game benefits using NFT-linked digital cards.

One of the most played video games is ImmutableX.

Search volume for “ImmutableX” is up 1,000% in the past two years.

In 2022, their platform brought in $87 million in NFT trading volume, which was a 250% increase over 2021.

There are more than 1.5 million wallets in the ImmutableX NFT marketplace today.

In addition, the company recently announced a partnership to launch the GameStop NFT marketplace.

Big names in fashion continue to dive into the NFT marketplace, as well.

The sector has already brought in $245 million.

Nike has been a stand-out so far and showed even more commitment to the market as they launched “dotSwoosh,” a branded NFT-based platform in late 2022.

Prada continues to release NFT collections in the luxury fashion space.

In January 2023, the brand released 50 limited-edition shirts that were available only to those holding a specific NFT. The NFT also gave customers access to a Milan fashion show.

As NFTs continue to grow in fashion, art, and gaming, we may see their use grow in other unsuspected areas in the coming years.

Take real estate, for example.

Search volume for “real estate NFT” jumped in 2022.

For the first time, a home in the US was sold as an NFT in October 2022.

NFTs could make home buying a much easier and quicker process.

Mattereum is a UK company that’s tokenizing several types of physical assets like homes, musical instruments, and vintage wine.

Mattereum’s Asset Passport provides owners with a trustable NFT legally enforceable in 170 jurisdictions globally.

They partnered with IG Wines in 2022 to tokenize high-priced wine and whisky.

They were also the tech partner in the UK’s first NFT home sale.

3. Continuing Fallout from FTX Collapse

In mid-2021, FTX was one of the world’s largest crypto exchanges, valued at $32 billion.

However, as the company filed for bankruptcy in November 2022 and the founder was arrested in December 2022, details of an alleged Ponzi scheme and millions of dollars of losses emerged.

The fall of FTX triggered a domino effect throughout the industry.

As recently as January 2023, the US federal government seized more than $600 million in assets from Sam Bankman-Fried, the founder of FTX.

The 1 million people who are creditors of FTX are eager to know if they’ll ever get their money back, a total of $8 billion in all.

The US government has set up a website to help facilitate the process, but bankruptcy experts say this process will take years and creditors are highly unlikely to get all of their money back.

The fall of FTX has highlighted the importance of cold wallets, an offline storage solution for cryptocurrency.

Search volume for “cold wallet” started climbing in 2021.

Cold wallets are considered the best option for keeping crypto safe from hackers or companies that go bankrupt, but many crypto users choose not to use them.

The alternative is hot wallets, those that store crypto online. These solutions are more convenient and they’re usually free.

The number of searches for “hot wallet” has increased by 81% in the last few years.

Cold wallets, often known as hardware wallets, are becoming more and more popular.

Through 2028, Mordor Intelligence projects a CAGR of more than 28%.

Beyond affecting consumer behaviors specifically, the demise of FTX might have a significant influence on how businesses and investors operate in the market.

The bankruptcy of FTX had a direct impact on other businesses. Late in November 2022, the Bitcoin lender BlockFi filed for bankruptcy.

Genesis Global Capital finally declared bankruptcy in January 2023 after stopping client withdrawals and new loans.

Cryptocurrency experts predict that the market will continue to consolidate in the upcoming years.

Numerous businesses have already begun to reduce their personnel. In 2022, more than 4,600 workers in cryptocurrency companies lost their jobs.

Funding-wise, venture capital investments reached $25 billion in 2021 but decreased in 2022.

Before the collapse of FTX, financing was declining. Three-quarter data for 2022 indicates a 35% quarterly decline.

The second half of 2022 saw a significant decline in funding.

Funding suffered even more in Q4 according to Pitchbook, falling 75% from the previous quarter.

Industry insiders predict that in 2023, CV financing will shift away from directly supporting cryptocurrencies and into digital platforms such as Web3, DeFi, and others.

Early in January, this was already happening when digital asset trading business CyberX raised $15 million in capital intending to bolster its infrastructure and add DeFi technology into its system. Over the previous six years, CyberX has reported a total trading volume of $180 billion.

4. Tighter Regulation of Exchanges and Cryptocurrencies

FTX collapse prompts heightened cryptocurrency regulation. The US lacks comprehensive rules; states lead. “Crypto regulation” searches surged 280% in 5 years. Federal laws like Bank Secrecy and Anti-Money Laundering Acts impact crypto.

Congress expresses increasing interest in di…

Legislation about cryptocurrencies was implemented at a peak in 2021.

The Infrastructure Investment and Jobs Act, which was introduced in late 2021, had the first mention of cryptocurrencies in federal law.

That rule doesn’t take effect until 2024, but it mostly discusses the tax ramifications of cryptocurrency exchanges.

Still, there are growing requests for more laws.

President Biden unveiled a proposed regulatory framework and an executive order legalizing cryptocurrencies in 2022.

A large portion of the approach is focused on curbing illicit activities in the cryptocurrency space, which is crucial given that since 2021, bitcoin scams have cost investors over $1 billion.

Additionally, Congress has been urged to enact legislation governing cryptocurrencies by the Financial Stability Oversight Council (FSOC), which has singled out stablecoins, cryptocurrency spot markets, and regulatory arbitrage.

The US may establish a digital currency issued by its central bank (CBDC).

“CBCD” searches surge. Brookings: Central Bank Digital Currency contrasts decentralized blockchains, offering central bank control.

It is hoped that this currency will provide cryptocurrency’s advantages without the danger.

Currently undergoing testing, China’s e-CNY digital yuan has transacted $13.9 billion in transactions so far.

Central Bank Digital Currencies (CBDCs) are being researched and developed in several nations worldwide.

5. Cryptocurrency’s Increasing Climate Impact

The crypto industry’s consequences for energy and climate change are a lesser-known but possibly important development.

A White House press release claims that the yearly power consumption of crypto asset manufacturing is between 120 and 240 billion kW hours, which is greater than Argentina’s or Australia’s entire electricity use.

The proof of work phase in the Bitcoin mining process is where the issue is. Before they can submit new blocks to the network, miners must use a significant amount of processing power to solve complicated mathematical problems.

The Merge, a software update introduced by Ethereum in 2022, eliminated proof of work and substituted proof of stake, a verification technique that makes use of cryptocurrency holdings, to significantly reduce the energy consumption of cryptocurrency miners.

According to a study by the Crypto Carbon Ratings Institute, Ethereum will use 2,600 MW-hours of power per year instead of 23 million MW-hours after this update.

Regarding Bitcoin, one transaction consumes around 26 days’ worth of energy, which is equivalent to the energy used by a typical US home. The Bitcoin network uses around half as much energy as gold mining.

Nevertheless, there are currently no plans for the mining network to switch to proof of stake.

The primary rationale is that a decentralized network can only be ensured by proof of work.

Since other nations have outlawed cryptocurrency mining, the US’s environmental crisis has simply become worse.

Up until recently, up to 75 percent of mining was done in China, according to the Columbia Climate School. In 2021, the nation outlawed any cryptocurrency-related activity.

According to the group, 35% of the processing power needed for Bitcoin is now done in the US. This state-by-state analysis displays the hash rate of Bitcoin, which is the total power needed to process transactions and create the cryptocurrency.

States are moving more and more to restrict the amount of energy used and pollutants produced by cryptocurrency mining.

In July 2022, Greenidge Generation, a Bitcoin mining company that runs on natural gas, applied for an air permit, but New York rejected it.

In recent months, lawmakers from the US Congress and other states have put up legislation aimed at tightening EPA regulations on business and reducing the use of fossil fuels.

Legislators in Oregon are combining data centers and cryptocurrency miners under the same environmental standards. They could have to pay a fine of $12,000 per MW-hour each day or comply with the climate targets.

Top 10 Cryptocurrencies to Watch

Although cryptocurrency markets are notorious for their volatility and unpredictable nature, they also provide fantastic investment possibilities. Many cryptocurrency enthusiasts are excitedly awaiting another bull run, akin to the extraordinary upsurge witnessed in prior years, as 2024 draws near. We can identify specific cryptocurrencies that show promise and potential for the next bull run, even though no one can accurately foresee the future. In this post, let’s examine the top ten cryptocurrencies to watch during the predicted 2024 bull run.

1. Digital gold, Bitcoin (BTC)

Bitcoin, “digital gold,” is a wise investment in bull markets. I anticipate a vital role in the 2024 boom with limited supply and growing institutional embrace.

2. Ethereum (ETH)

Ethereum, the top innovative contract platform, anticipates significant updates, like Ethereum 2.0, enhancing efficiency and scalability for the bull market.

3. Cardano (ADA)

Cardano has attracted much attention for its dedication to decentralized governance, scalability, and sustainability. With its expanding ecosystem and exciting initiatives, ADA is a cryptocurrency on which to keep a close eye.

4. Solana (SOL)

Solana has become well-known for its rapid transaction times and affordable rates. With the fast expansion of its DeFi and NFT ecosystems, SOL is positioned as a top performer in a bull run.

5. Polkadot (DOT)

Polkadot is a significant participant in the blockchain industry thanks to its interoperability and parachain technologies. DOT’s value might skyrocket during the next bull run as additional projects join its network.

6. Chainlink (LINK)

Leading oracle supplier Chainlink bridges the gap between real-world data and smart contracts. Its crucial involvement in the NFT and DeFi industries could help it succeed in 2024.

7. Avalanche (AVAX)

Avalanche’s subnets and consensus method make high scalability and flexibility possible. As DeFi projects move to Avalanche, AVAX may see rapid expansion.

8. Binance Coin (BNB)

With its strong integration into the Binance ecosystem, Binance Coin provides users with incentives and lower costs. Demand in the impending bull run may be driven by its usefulness and acceptance.

9. Tezos (XTZ)

Tezos is all about the security and upgradeability of intelligent contracts. XTZ might see a significant price increase due to institutional interest and its expanding DeFi footprints.

10. Algorand (ALGO)

Algorand is environmentally beneficial because of its quick transaction times and minimal energy usage. Notable profits might result from its collaborations and application cases in blockchain infrastructure and banking.

Conclusion

That concludes the current condition of cryptocurrencies, especially concerning the quantity of cryptocurrencies currently in use. The mainstream has become incredibly aware of cryptocurrency, with a significant focus on Cryptocurrency Payment Gateways. Even if there has been some volatility, the market as a whole is still trending upward, with Bitcoin in the forefront.

Over the past several years, the cryptocurrency market, particularly in Bitcoin, has been nearly entirely unexpected. While the bear market has dominated recently, the bull market might retake the lead time. Expect stricter crypto laws amid fraud concerns and environmental impact. Yet, ongoing innovation in the industry remains undeniable, attracting attention from various stakeholders, including Cryptocurrency Application Development companies that strive to enhance the technological landscape of the digital asset space.

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