When I first discovered cryptocurrency back in 2013, I remember there being under 50 markets or so. Most of the original crypto's from back in the day I could not name now because markets like Phoenix coin were insignificant, even back then. Coins like Doge, LTC and even XRP are just a few examples of crypto that have so far, stood the test of time!
It occurred to me today after opening CoinMarketCap the way I do most mornings when I start my day to see what has been going on since I last checked in, that the total amount of crypto in the world is now at 1600 with a whopping 10 007 markets being trade across various platforms.
One can only imagine the kind of currencies that are lying in the wing, being developed in the shadow's hoping to gain a couple ounces of market approval and exposure. There is an extremely long list of cryptocurrencies that are waiting for the same kind of attention, out on the street now hustling for any market share today when considering the kind of cryptocurrencies that actual already have blockchain's, all 1600 crypto's are looking for the same love!
As cryptocurrency tokenization is poised to flood the market with more crypto by default causing market saturation, I have already started trying to guess what the threshold is going to be for cryptocurrencies presented as "next generation" opportunities to change the world, when all I am seeing is a lot of copy and pasting of code with a few slight alterations. In other words, when will people stop trying to pass off product as something better then more of the same stuff presented in a slightly different way. As the tokenization of everything becomes a reality it is difficult to imagine how anything else other than cryptocurrency with maximum utility, function and convenience could possibly thrive or compete in an atmosphere where everybody and everything is going to have a blockchain very shortly.
It is only a matter of time before we see a series of vanity coins popping out of the woodwork. I really wonder how long is it going to be before celebrities decide to start cashing in with their names on the blockchain so that their brand can climb to another dimension of marketing and exposure? Only time will tell if the trend becomes necessary or even profitable, one thing is certain we are all going to find out at some point.
If your head is not already spinning from the constant cryptocurrencies that are crawling out from under rock's on a weekly basis, let's keep in mind that the 2000th cryptocurrency is not very far off! Although I do think there is room in the industry for innovation technologically speaking in the cryptocurrency realm, I really hope as new cryptocurrencies emerge from the static that developers working on new projects can bringing the code and they're A game to actually improve the cryptocurrency industry on any level.
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What kind of cryptocurrency function or innovation would you like to see in the future?
What kind of cryptocurrency do you feel Traders could do without and what cryptomarkets do you feel crypto can't live without?