About 85 percent of the world’s cryptocurrencies are worth less than one cent, according to a report on Monday.
The total number of cryptocurrencies has been floating between 8,500 and 10,000, with new tokens launched every time a bull run in the crypto space begins.
Currently, the total number of cryptocurrencies remains at a high of 9,861. However, most of them have little or practically no value.
As per data analysis by AltIndex.com, 85 percent of all cryptocurrencies circulating in the market are worth less than one cent.
It also showed that 9,525, or 96 percent of all coins circulating in the crypto space, are worth less than a dollar.
Just 131 coins were valued between 50 cents and one US dollar (as of last week), the report mentioned.
“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 percent of all cryptocurrencies, are worth less than a cent,” the analysis revealed.
Several such crypto tokens were launched during the cryptocurrency boom. Due to the rise of blockchain technology, anyone can launch a new cryptocurrency.
As per CoinMarketCap data, the top five cryptocurrencies now make up 82 percent of the total crypto market cap, with a combined value of $1.78 trillion.
Bitcoin accounts for 56 percent of the global crypto market cap, up from 48 percent a year ago. Ethereum makes roughly 12 percent of the total crypto market cap, 7 percent less than last year.
On Monday, Bitcoin price was hovering around $62,800, up 1.5 per cent. Ethereum was also up 1.3 percent at nearly $2,450, according to latest data from CoinGecko.
