How Many Cryptocurrencies Are There In 2023?

The cryptocurrency market is booming at a favorable rate. By 2027, it will reach $64.87 billion, and its users amount to 994.30 million.

In 2022, the value of the global cryptocurrency market cap is over $800 billion. Given the rise of artificial intelligence, companies' growing interest in investing in cryptocurrencies, and its increasing demand for payment options for businesses, cryptocurrency is becoming popular worldwide. 

Keep reading below to learn how many cryptocurrencies are for use and trading this 2023.

How Many Cryptocurrencies Exist in 2023?

There are around 22,932 cryptocurrencies in existence as of March 2023, with a total market capitalization of $1.1 trillion. 

The numbers continually change with newly generated cryptocurrencies; some older ones become inactive or delisted.

As of February 2023, there are 8,685 active cryptocurrencies. Also, 300 million cryptocurrency users worldwide, and over 18,000 businesses accept cryptocurrency as payment.

Cryptocurrency Industry Growth Statistic

Bitcoin has seen a spike in popularity and continued expansion in less than ten years. In the next section, we will highlight some important examples of its significant growth by presenting glimpses of the decentralized finance terrain at various times.

Here’s an overview of the total number of cryptocurrencies recorded from 2014 to the present: 

1. In April 2013, Coin Market Cap only supported 7 types of cryptocurrencies.

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Regarding market capitalization, Bitcoin was the most valuable cryptocurrency, about 20 times that of any other cryptocurrency accessible. To reiterate, roughly ten years ago, the Bitcoin market was in this condition:

As the market capitalization of various cryptocurrencies increases, investors' institutional and retail interest has grown, and the confidence in cryptocurrency is at 97% as of January 2021.  

2. There were 513 different types of cryptocurrencies accessible in November 2014.

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Although Bitcoin remained the market leader, with a market valuation of around $5.13 billion, only two other cryptocurrencies, Litecoin and Peercoin, reached the top ten list.

XRP and Dogecoin replaced the remaining seven cryptocurrency coins, with market capitalizations of $346.22 million and $23.30 million, respectively. 

In 2014, the value of Bitcoin increased by more than 100% to $376.05, and over 76,000 retailers worldwide accepted it as a form of payment. 

3. 564 cryptocurrencies existed in November 2015, despite the industry’s stagnation.

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The market value of Bitcoin has risen to more than $5.5 billion. In contrast, the market capitalization of XRP, the second-largest cryptocurrency in November 2014, has decreased to roughly $144.18 million.

Seven of the top ten cryptocurrencies by market capitalization in November 2014 remained in the top 10 yearly. Here is the cryptocurrency list:

The most notable newcomer to the top ten was Ethereum, with a market cap of $65.98 million.

4. There were 663 cryptocurrencies available for trading by the end of 2016.

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Bitcoin’s value nearly tripled in November 2015, reaching a three-year high of over $900. Here are the cryptocurrencies that saw the most significant increases in market capitalization that year:

5. The number of traded cryptocurrencies has climbed by 126 since April 2017, totaling 789.

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In 2017, Ethereum’s market capitalization increased by over 1000% to exceed $7.2 billion. XRP’s market capitalization increased by approximately $232 million to $1.96 billion.

Nonetheless, cryptocurrency faced several challenges that prevented it from gaining widespread acceptance, and these challenges continue to exist today.

6. There were 2,073 cryptocurrencies available by the end of 2018.

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Due to the success of blockchain technology and the different applications of coins, the number of digital currencies expanded dramatically after a year, resulting in continued market expansion. 

The compound annual growth of the blockchain industry is 56.3%. By 2029, it will be worth $163.83 billion. 

By the end of 2018, around 2,073 were available, with 12 of them having a market capitalization:

7. In November 2019, there were about 3,000 cryptocurrencies.

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However, due to carrying inclusion criteria, other sources claimed that trading volume and market capitalization define the figure of active cryptocurrencies. 

Bitcoin’s market capitalization surpassed $100 billion at the end of 2019, reaching $134.57 billion. Despite this, only nine cryptocurrencies had a market capitalization of more than $1 billion.

8. By 2020, 28 cryptocurrencies had over $1 billion market values.

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Despite the pandemic, the number of new cryptocurrencies has increased. As of April 2020, the number of traded cryptos reached approximately 5,392. 

The combined market capitalization of the top ten cryptocurrencies is approximately $200 billion, with Bitcoin alone accounting for more than $140 billion.

Four cryptos that exceeded $10 billion in market caps:

• Bitcoin - $488.21 billion
• Ethereum - $77.83 billion
• Tether - $20.73 billion
• XRP - $12.85 billion

9. There are currently 22,932 cryptocurrencies in circulation in the year 2023.

(Forbes, Exploding Topics)

Many of these require activation or are rendered completely useless. In 2023, digital cash has become more apparent than in any previous year. 

• Bitcoin - the market leader and first cryptocurrency
• Altcoin - alternatives to Bitcoin but not the same as Bitcoin
• Tokens - using pre-existing blockchains

Cryptocurrency Usage Statistics

The survey statistics on cryptocurrency usage in 2021 revealed that the typical individual who owns cryptocurrency is a 38-year-old Caucasian male with a yearly income of $111,000.

However, cryptocurrency ownership varies by user, cryptocurrency type, and country. Here are the usage statistics of cryptocurrency today:

10. 71% of the total crypto users are white, and 74% are male.

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The average age range of crypto users is between 25-44 years old. 63% of those who installed Bitcoin are “crypto-curious, while 53% of those crypto-curious users are female.

The data shows that cryptocurrency is not a male-dominated area of currency but a diverse option for many users.

11. India topped the countries by cryptocurrency usage with 100.7 million users. 

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The following countries are the major cryptocurrency users. Most use it for exchanges and transactions such as goods exchange, online shopping, and gaming.

Cryptocurrency Trends Statistics

Over the last ten years, numerous digital currencies have gained widespread recognition. Bitcoin is the most prominent among them, boasting a significantly larger market capitalization than its competitors.

Let’s discuss the statistics of cryptocurrency trends and cryptos available today.

12. Only 10 cryptos top the $8.38 billion to $480.23 billion market cap.

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Bitcoin presently has a market capitalization of more than $470 billion, more than twice that of its nearest competitor, Ethereum. 

When Bitcoin and Ethereum are combined, their market capitalizations are over three times greater than the remaining top 20 cryptocurrencies.

How Many Cryptocurrency Exchanges Are There?

The growth in the number of cryptocurrencies has led to a corresponding rise in cryptocurrency exchanges. As of March 2023, there were 569 cryptos exchanges. 

Final Words

The growth of the cryptocurrency market has continued to soar over the years. With the emergence of new technologies such as AI and the increasing interest of businesses and people to invest in cryptocurrencies, digital trading has become widespread.  

Thriving competitors in the cryptocurrency market have also changed the game, making it more convenient and more friendly for users to buy, sell, and trade assets on various platforms.