There has never been a lack of effort or projects in the cryptocurrency space. According to statistics by CoinGecko, over 7,000 cryptocurrencies are in circulation today, most of which will never amount to anything.
Bitcoin remains the dominant cryptocurrency, for obvious reasons.
Too Many Cryptocurrencies Exist Today
There is ample competition, yet no other project comes even close.
As can be seen on the CoinGecko website, there are now over 7,000 cryptocurrencies, tokens, and assets.
Most of these projects will either disappear soon or see their value reduced to zero.
That is not always because of a lack of effort, however.
Trying to climb the market ranks as an altcoin has always been challenging.
As more time progresses, that battle will only intensify.
Given how there are over 7,000 competitors to Bitcoin, one has to wonder if any of them can make a lasting impact.
So far, the market cap top 30 has been dominated by mostly the same coins for years.
Trying to enter this list as a new project is virtually impossible, but that is only to be expected.
Despite the odds, developers will not stop creating currencies and assets hardly anyone will ever use.
That being said, ample innovative features and improvements made to Bitcoin in recent years were only possible thanks to altcoin projects.