Since March 2013, when coinmarketcap.com first listed 14 crypto assets and the total Bitcoin valuation was $1.24 Billion, the cryptoeconomic system has seen tremendous growth. Currently, the website lists 22,709 crypto assets, representing an impressive 80,466% surge from the initial figure.
Crypto Economy’s Evolution: From 14 to 22709 Assets
Although the cryptoeconomic system has lost more than $1.5 Trillion from its peak in November 2021, its market capitalization has increased by more than 80,466% from 2013. An archived snapshot from coinmarketcap.com shows that 14 crypto assets were listed on the website in 2013. These included Bitcoin, Litecoin, Peercoin, Namecoin, Feathercoin, Teracoin, Devcoin, Freicoin, Novacoin, Chncoin, BBQcoin, Mincoin, Bitbars, and Ixcoins. The collective value of these crypto assets stood at $1.32 Trillion on May 9, 2013.
Many of the crypto assets listed back then have disappeared, with newer ones such as Ethereum, BNB Coins, Solana, and Cardano replacing them. Stablecoins were not present in 2013, but they now represent a $137 billion value in today’s cryptoeconomic system of $1.06 Trillion. On May 9th of 2013, BTC was trading at $111.87 per coin and there were only 11.13 million BTC in circulation, compared to 19.30 million BTC currently.
In 2013, Bitcoin had a total valuation of $1.24 Billion, while Litecoin (LTC) was the second most valuable crypto asset with a market value of $59.05 million. According to current valuations, LTC’s market capitalization has risen to $6.79 billion. The market cap of Peercoin (PPC) was $5.23 Million back then and, despite being a forgotten crypto asset, it is now at $13.15 Million. Other assets, like Teracoin (TRC), have not fared as well. TRC’s market capization in 2013 was $1.14 Million, but it is now at $340.296. Some crypto assets have been so neglected that they are not even listed on coin market cap aggregater websites.
In 2013, cryptocurrency exchanges were few and far between, and most of them were not trustworthy. Digital currency wallets were also rare and the cryptoeconomic infrastructure was primitive compared to what it is today. The cryptocurrency sector suffered a difficult year in 2022, and many companies were forced to close due to the recession. Despite the crashes and the billions of dollars that have been wiped out, the crypto economy has grown much larger than the small patch of timber it was in 2013. Few sectors have seen such significant progress since the advent of the internet.
Do you think the crypto economy system will be around in the long-term?
