Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn

Nine years and 9 months ago, connected May 9, 2013, coinmarketcap.com recorded 14 cryptocurrency assets, and bitcoin’s wide valuation was $1.24 billion, with 11.13 cardinal bitcoins successful circulation astatine the time. Today, the aforesaid website indicates that determination are 22,709 crypto assets. Additionally, the marketplace capitalization of the crypto system has grown significantly, expanding by 80,466% since 2013.

The Evolution of the Crypto Economy: From 14 Coins to 22,709 Coins

Although implicit $1.5 trillion has been mislaid from the crypto system since its highest successful November 2021, its marketplace capitalization has inactive accrued by much than 80,466% since 2013. A snapshot of coinmarketcap.com (CMC) hosted connected archive.org shows that, successful 2013, determination were 14 coins listed connected the website. These included bitcoin, litecoin, peercoin, namecoin, feathercoin, terracoin, devcoin, freicoin, novacoin, chncoin, bbqcoin, mincoin, bitbar, and ixcoin. Together, the worth of these crypto assets connected May 9, 2013, was conscionable implicit $1.32 billion.

Of course, galore of these coins person been forgotten and a large fig of today’s apical crypto assets did not beryllium backmost past similar ethereum, bnb coin, solana, cardano, tether, usd coin, and avalanche. Stablecoins did not beryllium astatine that clip and today, they correspond $137 cardinal successful worth retired of the existent $1.06 trillion crypto economy. On May 9, 2013, BTC was trading for a full batch little than it is contiguous arsenic it was exchanging hands for $111.87 per coin. There were lone 11.13 cardinal BTC successful circulation successful examination to today’s 19.30 cardinal BTC.

In 2013, BTC’s wide valuation was $1.24 billion, and litecoin’s (LTC) marketplace capitalization was the second-largest. At the time, LTC’s marketplace valuation was astir $59.05 million, according to the CMC snapshot. Today, LTC’s marketplace headdress is overmuch larger, astatine $6.79 billion. Peercoin’s (PPC) marketplace capitalization was $5.23 million, and contempt being an old-forgotten coin, PPC’s marketplace valuation is astir $13.15 cardinal today. Other coins, similar terracoin (TRC), were not arsenic fortunate. TRC’s marketplace headdress successful May 2013 was $1.14 million, and contiguous it has fallen to $340,296. Additionally, immoderate coins are truthful forgotten that they are nary longer listed connected coin marketplace headdress aggregation sites similar CMC.

In 2013, determination were lone a tiny fistful of crypto exchanges, and immoderate of them were sketchy, to accidental the least. Digital currency wallets were besides fewer and acold between, and overall, the crypto economy’s infrastructure 9 years agone was a ammunition of what it is today. 2022 was a hard twelvemonth successful the crypto sector, and a large fig of businesses collapsed from the downturn. Despite the collapses and the hundreds of billions that evaporated from the market, it is simply a importantly larger wood compared to the tiny spot of trees it erstwhile was successful 2013. Besides the net itself, not galore sectors person seen 80,466% maturation successful little than a decade.

What bash you deliberation the aboriginal holds for the crypto economy, and however bash you spot it evolving successful the coming years? Share your thoughts successful the comments below.