So… how many damn cryptocurrencies are there?

So… how many damn cryptocurrencies are there?

My daily routine currently looks like this: wake up, brush my teeth, eat breakfast, read about a new metaverse or new NFT project, get confused, question my life choices, sleep, repeat.

With all the talk of Web3 projects trending everywhere you look – from metaverses to NFT marketplaces – it got me thinking: how many cryptocurrencies exist today?

You may already know that in addition to OG Bitcoin and Ether, several other currencies exist. There’s no definitive number, but here are some numbers to consider:

  • Coinbaseone of the largest exchanges, currently tracks 9,494 currencies.
  • CoinMarketCap (CMC), a cryptocurrency price tracking website, additionally shows that there are 17,543 cryptocurrencies, but lists 9,358 on its index.
  • CoinGeckoanother price tracker, lists 12,563 cryptocurrencies.
  • TokenSniffera coin hacking website, has historically detected 1,210,508 tokens (it scans different blockchains to “sniff out” any new tokens) – including over 82,000 scams.

How do these trackers even monitor cryptocurrencies?

The folks at CoinGecko told me there are over 500,000 crypto tokens. But most of them are out of circulation, or just spam. They therefore do not need to list them.

CoinGecko’s product, called Gecko Terminal, analyzes different blockchains and exchanges to ensure that all coins and their prices are up to date. Also, all ads are checked manually, so there are no fraudulent coins listed on the site.