How many cryptocurrencies are there?

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Did you know that there are already about 2 thousand cryptocurrencies in the world! That is more than all the different types of fiat currencies in the world. The question many people ask is, why are there so many of them? Just nine years ago, there was only Bitcoin. Now we have a cryptocurrency in virtually every sector of the economy.

All these cryptocurrencies aim for, is to leverage blockchain technology to revolutionize areas as diverse as finance, health, energy, data storage, privacy and security, machine learning, payments, social networks, supply and logistics, and content ownership.

So, with so many cryptocurrencies already existing, what are some of the possible reasons for this scenario?
Many cryptocurrencies, different functionalities The underlying blockchain technology is one reason we see so many cryptocurrencies. It provides developers an opportunity to create different cryptocurrencies for different functionalities.

We have those cryptocurrencies that function as currencies. They are essentially a store of value and can be used much like traditional fiat. Bitcoin and many others fall into this category.

Then there are those that have a utility function. This is a group of cryptocurrencies that develop as an infrastructure. They allow other cryptocurrencies to be built on top of their networks. The best example is Ethereum with its Ethereum Virtual Machine, which has allowed the creation of several token coins on its network.

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You're right. There are many types of cryptocurrencies. However, not all of them are equally valuable to users. But there are cryptocurrencies that can really bring profit to users.
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Cryptocurrency has recently become an attractive tool for making money. Fundamental and technical analysis skills are the necessary “base” with which new cryptocurrency traders should enter the market. For example, both the rise and fall of Bitcoin in the first half of 2021 were set in motion by Tesla's decisions to start accepting them as payment for its products and reverse this decision, respectively.

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