I got shoppping and found discount in all my favorite projects. Perhaps I did wrong because I spend all my budget for trading. If price keeps going down, I won't be able to dollar cost average anymore.
So, I started to wander around coinmarketcap and I stumble upon historical pictures of cryptocurrencies ranking across the year. I thought it was going to be very alike to what I see today. My bad
In 2013 Bitcoin was absolutely dominating the market and only a few weird coins were listed. (I couldn't avoid to notice all of those whatever-coin)
I can only recognize Litecoin from that bunch of weirdos. I guess they were a hit in their time but those cryptos have aged badly.
Moving three years from that we can already see Ethereum, Ripple, Dash, Dogecoin and Monero in top 10 coins. As we don't want to depress we won't look at the prices. Only 3 years after, there were already 577 coins which representing a blatant 8100% more than 2013. Bitcoin dominance was absolute, no other cryptocurrency could even come closer to BTC in terms of price nor Market cap.
In 2019 there were 2014 coins and even when logic screams (why bother creating more shitcoins), today there are 4823 cryptocurrencies listed in Coinmarketcap.
My question is: why? How is it possible that blockchain problems can't be solved with the cryptocurrencies we have today and most preoccupying: Why people creates tokens for the sake of it? Is that a new hobby?