About 85 pc of world’s cryptocurrencies are not even worth a cent: Report

New Delhi: About 85 per cent 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 being 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 per cent of all cryptocurrencies circulating in the market are worth less than one cent.

It also showed 9,525, or 96 per cent 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 per cent of all cryptocurrencies, are worth less than a cent,” the analysis revealed.

Several such crypto tokens were launched during the cryptocurrency boom. Due to a rise of blockchain technology, anyone can launch a new cryptocurrency.

As per CoinMarketCap data, top five cryptocurrencies now make up 82 per cent of the total crypto market cap, with a combined value of $1.78 trillion.

Bitcoin accounts for 56 per cent of the global crypto market cap, up from 48 per cent a year ago. Ethereum makes roughly 12 per cent of the total crypto market cap, 7 per cent less than last year.

On Monday, Bitcoin price was hovering around $62,800, up 1.5 per cent. Ethereum was also up 1.3 per cent at nearly $2,450, according to latest data from CoinGecko.

IANS