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The total number of cryptocurrencies in circulation today is more than 1,600 and counting. Here’s a look at the most popular cryptocurrencies, and how many of each are currently circulating.
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Introduction
As of January 2021, there are over 5,000 different cryptocurrencies in existence. However, only a handful of these are widely known and actively traded. The top 10 cryptocurrencies by market capitalization are Bitcoin, Ethereum, Tether, XRP, Bitcoin Cash, Litecoin, Chainlink, Cardano, Polkadot and Binance Coin.
The History of Cryptocurrency
digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Cryptocurrencies are decentralized, meaning not subject to government or financial institution control, and created through a process known as mining. Miners validate transactions and add them to a blockchain ledger, receiving cryptocurrency in exchange for their work. Cryptocurrencies can be bought and sold on exchanges and used to purchase goods and services.
Most cryptocurrencies are open source software projects and therefore anyone can contribute to their development. This decentralization makes cryptocurrencies less susceptible to fraud or manipulation by a single entity.
The first cryptocurrency was Bitcoin, created in 2009 by an anonymous person or group of people known as Satoshi Nakamoto. Bitcoin was the first decentralized cryptocurrency and remains the most well-known to date. Other popular cryptocurrencies include Ethereum, Ripple, Bitcoin Cash, Litecoin, Monero and Dash. There are currently over 1,600 different cryptocurrencies in circulation with a total market capitalization of over $170 billion as of July 2018.
How Many Cryptocurrencies Are There Today?
The first cryptocurrency, Bitcoin, was created in 2009. Since then, there have been thousands of different cryptocurrencies created. Some of these are copies of Bitcoin, while others are completely new and unique.
At the time of writing (January 2018), there are over 1,500 different cryptocurrencies in existence. This number changes all the time, as new coins are created and old ones die out. It’s estimated that there could be over 5,000 different cryptocurrencies by the end of 2018.
What is the Future of Cryptocurrency?
The future of cryptocurrency is highly uncertain. Cryptocurrencies could become completely worthless, or they could become the most widely used form of currency in the world. It is impossible to predict what will happen, but there are a few possible scenarios:
1. Cryptocurrencies continue to grow in popularity, and eventually supplant traditional fiat currencies such as the US dollar, Euro, and yen.
2. Cryptocurrencies remain niche products, used mostly by tech-savvy enthusiasts and criminals.
3. Governments crack down on cryptocurrencies, making them illegal to use or trade.
4. Some unforeseen event (a major hack, for example) destroys confidence in cryptocurrencies, causing them to lose all value overnight.
The future of cryptocurrency is impossible to predict, but it will be fascinating to watch unfold.
Conclusion
As of July 2018, there are over 1,500 different cryptocurrencies that have been developed, with new ones being created all the time. The total value of all cryptocurrencies in circulation is over $300 billion, and the market is still growing. With so many different options to choose from, it can be tough to decide which one to invest in. However, as the market continues to mature, certain coins are likely to emerge as leaders in their respective fields.
