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Number of cryptocurrencies with over $1 billion market cap drop by 55% in 2022

Number of cryptocurrencies with over $1 billion market cap drop by 55% in 2022

As the cryptocurrency sector continues struggling with the volatility that has drained nearly $1.27 trillion from its market capitalization since the year’s turn, the number of cryptos with a market cap of over $1 billion has recorded a dramatic drop as well.

At press time, there were 53 digital assets, including Bitcoin (BTC), with a market cap above $1 billion, compared to 118 on January 1, 2022, according to the data retrieved from CoinMarketCap on September 26.

In other words, the number of crypto tokens with a market cap above $1 billion has dropped by 55.08% since the beginning of the year, as Finbold discovered by combining the current CoinMarketCap information with a web archive tool.

Crypto market cap declines, number of cryptos rises

Meanwhile, in mid-September, the global cryptocurrency market lost $165 billion in one week alone – between September 12 and September 19 – dropping to a two-month low, whereas since the beginning of the year, its market cap declined from $2.19 trillion to $925.4 billion.

Global cryptocurrency market cap YTD chart. Source: CoinMarketCap

On the other hand, the total number of cryptocurrencies recorded gains in the three months following June 20, rising from 19,938 to 21,022 as of September 20, or 5.44%, although the number of crypto exchanges dropped by 3.41%, data shows.

At the same time, retail investors in the United Kingdom are increasingly pumping funds into the crypto market, so far investing around $34.7 billion in cryptocurrencies in a country where 34% of the population owns different cryptocurrencies, according to a new report

As things stand, crypto’s leading asset, Bitcoin, is struggling to keep its head above the $19,000 threshold, currently trading at $19,069, which represents a growth of 0.05% on the day, as well as 1.53% across the previous week.

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