True that. In fact I don't think there is a need to so many cryptocurrencies at all. Many companies can make use of existing coins and achieve what they are set out to do. But looks like everybody want to have a coin of their own. Cryptocurrency has more or less become equivalent to shares in a company these days. Everybody who is solving a problem wants to create a coin of their own.

There will be a consolidation and many people will stop mining useless coins and they will die a slow natural death. Only coins that have true utility and are differentiate from other coins will survive.