A report on Monday said some 85% of the world's cryptocurrencies are worth less than one cent.
The total number of cryptocurrencies floats somewhere between 8,500 and 10,000, but new tokens come onto the scene every time a bull run in the crypto space appears to be starting.
Currently, the total number of cryptocurrencies stands high at 9,861. However, most of them have little or practically no value. Most of them are not worth more than one cent, according to an analysis of data by AltIndex.com, revealing that 85 percent of all the market circulating cryptocurrencies amount to less than one cent.
It also revealed 9,525, or 96 percent of all the coins circulating in the crypto space, value less than a dollar.
Apparently, as of last week, just 131 coins were valued between 50 cents and one US dollar.
"Around 400 had a price tag between 50 and 10 cents, and another 548 were valued between one and 10 cents. That means a shocking 8,443 coins, or 85 per cent of all cryptocurrencies, are worth less than a cent, the analysis revealed.
A number of such crypto tokens emerged during the period of a cryptocurrency boom. And since people have been witnessing a surge of blockchain technology, new cryptocurrencies can be initiated by anybody.
As per the data published by CoinMarketCap, the total market cap of top five cryptocurrencies currently adds up to 82 per cent and stands at $1.78 trillion.
Bitcoin takes the largest share of global crypto market cap: It rises to 56 per cent from 48 per cent last year. According to a report, it has been seen that Ethereum shares approximately 12 per cent in the total crypto market cap, which is 7 per cent lower compared to last year.
On Monday, Bitcoin traded at about $62,800-up 1.5 percent-from where Ethereum also gained 1.3 percent to nearly $2,450 according to updated figures on CoinGecko.
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