Crypto Economy Expands 80,466% since 2013, Despite the 2022 Downturns
The crypto economy has expanded dramatically since 2013, despite the USD 1.5 trillion downturns in 2022. The coinmarketcap.com website recorded 14 cryptocurrency assets on May 9, 2013. There were 11.13 million bitcoin in circulation at the time, and the total valuation of bitcoin was estimated at USD 1.24 billion. Today, the same website shows 22,709 crypto assets. The market capitalization of the crypto economy has grown exponentially by 80,466% since 2013.
The Evolution of the Crypto Economy
The
crypto economy lost over USD 1.5 trillion in the 2022 downturn since its peak
in November 2021. But its market capitalization has expanded by more than
80,466% since 2013. A snapshot of coinmarketcap.com (CMC) hosted on
archive.org shows there were 14 listed coins on the website in 2013. These
included bitcoin, litecoin, peercoin, namecoin, feathercoin, terracoin,
devcoin, freicoin, novocoin, chncoin, bbqcoin, mincoin, bitbar, and ixcoin.
Together, the value of the crypto assets was estimated at USD 1.32 billion on
May 9, 2013.
Many
of those coins have been forgotten, and a great number of the top crypto assets
today never existed, such as Ethereum, BNB, Solana, Cardano, Tether, USDC, and
Avalanche. Stablecoins that are valued at USD 137 billion in the current market of the USD
1.06 trillion total crypto valuations never existed. On May 9, 2013, BTC was trading for USD 111.87 per coin, with
only 11.13 million in circulation in comparison to 19.30
million today.
The total
BTC
valuation was USD 1.24 billion, and Litecoin (LTC) was the second-largest in market
capitalization, estimated at USD 59.05 million, according to the CMC
snapshot. LTC’s
market cap is much larger today at USD 6.79 billion. Peercoin’s (PPC) market
capitalization was USD 5.23 million, and despite being an old-forgotten coin,
PPC’s market valuation is estimated at USD 13.15 million today. Coins like
Terracoin (TRC) have run out of luck. TRC’s market cap in May 2013 was
estimated at USD 1.14 million and since then has declined to USD 340,296. Several coins
are forgotten and are no longer listed on the coin market cap aggregation sites
like CMC.
The Year of Crypto Downturn
There
were a handful of crypto exchanges in 2013. Digital currency wallets were few
and far between, and the crypto economy was much smaller than what it is today.
2022 was a challenging year in the crypto sector, and several companies
collapsed during the downturn. Despite the collapses and the hundreds of
billions that evaporated from the market, it is a significantly larger market
than it was in 2013. Besides the internet, not many sectors in the world have
seen 80,466% exponential growth in turbulent times.
What
is your take on the future of the crypto economy and how it is likely to evolve in the
coming years? Please post your comments.
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