There are currently over 3,000 altcoins on the market. Could this become a threat?
The number of altcoin and stablecoin released on the market continues to increase day by day. What made altcoins, as they are known, so popular and their numbers so numerous, were ICOs, and ICOs have failed.
Since the start of 2020, a large number of altcoins have entered the market, most of them for private use purposes. Many of the new altcoins are designed for exclusive use on platforms or games. However, the fact that attention is constantly on the market for new coins shows what is wrong with this new industry.…
The cryptocurrency industry began more than a decade ago with the launch of Bitcoin. Bitcoin has opened a new finance door with the aim of allowing digital transactions with an independent currency understanding. However, Bitcoin was only the beginning. As the power of Blockchain technology became clearer, the original protocol began to be copied. Charlie Lee became the first person to create an altcoin with Litecoin (LTC),which he called a “silver Bitcoin” in 2011.
By the time Vitalik Buterin launched Ethereum in 2015, more than 20 altcoins such as XRP and NEO had already been created. Today, even the total number of altcoins is difficult to determine. Because there are currently over 3,000 altcoins, and some of them are unfortunately fraud projects... very few with the number of altcoins that are actively used and are really a neat project.
Are Altcoins Threatening The Industry?
Having so many altcoins could set up one of the cryptocurrency industry's breaking points, according to some analysts. So the oversupply of altcoins could be threatening the market. But other analysts say the cryptocurrency market is strong enough to deal with the situation. In addition, according to these analysts, this increase in altcoins indicates that interest in the market has also increased.