Number of altcoins keep increasing!

[Botnake]

Deal with it, as the market is growing we cannot stop altcoins from increasing as there's no government body that will approve them before they'll start the project. Remember, we use the crowd sale format and we give liberty to those brilliant minds to show their project, but remember that majority of the altcoins are scams, so you have to be careful.

it's not easy to choose 1 out of 1000 projects that are legit, but with enough knowledge, you'll be able to spot one.

Also, don't assume that the project will succeed just because they are legit, that's a different thing.

[1714906725]

1714906725

[1714906725]

1714906725

[Helpme_please]

Because it is fairly easy to create coins/tokens. Besides, there is a gold rush atmosphere ... Not a financial advice.

True.

The crypto rush that has a feeling of gold rush has been everywhere and those developers that creates such coins think that they'll make money, an easy money very quickly.

But as an investor, you know where to invest and what coin you should put your money.

Its a must thing but there are still noobs out there who do really fall out with those scam projects or coins in the market even its already too obvious but they dont really at least know the basics of this market.

In result they do end up on losing money instead of earning and thats the only time they would really be doing their assignment.Why is it really needed to lose money first before doing some research?

We do have tons of coins in the market which choosing the best one is really hard but if you do simply stick with top #10 in the market then i can say it would be worth.

I would say we have all been subject to scams in the past and the learning curve that comes with it. I made some bad decisions too and I don't feel ashamed for it. In fact it was good that it happened early, it shaped my perception what to pay attention to and today I would say I am a better investor in crypto thanks to the mistakes I made in the past.

we can take a lesson from our mistake in the past, which is maybe at that moment we still lack of knowledge. most of us trapped in FOMO or hype from that shilled by people who have big influence in market, we didnt make any research properly to project we hold in bag and mostly shitcoin. But know we must be better investors by doing deep research before put our money.

[fileo]

Some of altcoins are just to scam. Some are intentionally created to make new history in cryptocurrencies space. But crypto is like an arena where the real battles begin along the way from promotion up to maintenance. Weak tokens definitely will vanished. Competition in crypto is so serious to deal in order to success. Failure to hit popularity and support will end up to nothing.

[Botnake]

Many altcoins have their own advantages, but also have flaws, such as technology and team. Altcoins IncreasE the volatility of the cryptocurrency market. It's not a good thing.

Why isn't that a good thing? Isn't every cryptocurrency competing with each other which can be an option for everyone in the crypto space, even though the advantages and disadvantages of each cryptocurrency are the differentiators for each of them.

@TOM Bb's reason is the increase of volatility, the question is, isn't it the high volatility that makes this market more popular?

Actually, we don't have a lot of long term holders here, most of the investors are into short term and huge money is into day trading as you can see on the daily volume, so it's not good to say that because of volatility this market is not good because volatility is the main reason why people loves trading crypto.

[Slash61]

Many altcoins have their own advantages, but also have flaws, such as technology and team. Altcoins IncreasE the volatility of the cryptocurrency market. It's not a good thing.

Why isn't that a good thing? Isn't every cryptocurrency competing with each other which can be an option for everyone in the crypto space, even though the advantages and disadvantages of each cryptocurrency are the differentiators for each of them.

that's how the crypto market works. those who survive are those who gain the trust of the market. the market community will determine whether they will last long or not. therefore, every asset will always be developed through their platform. when the platform of a project no longer has support from the market, its assets in the market will be discarded.

[ROSERTY]

The purpose of many altcoin creators is mostly to obtain their own interests. These altcoins do not have complete technical support and can only be circulated and traded in the market in a short period of time.
The number of altcoins is increasing, but few of them survive for a long time.

[cliber]

I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing.  The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!

I think all altcoins will develop by themselves, considering that the market is increasingly competing to increase the price of their respective altcoins, the question that many people ask is how and steps taken by altcoin owners to increase the price of their products, and this is difficult to describe considering this step is the key to the success of a product and it is impossible to convey to the public

[Noruka]

Because it is fairly easy to create coins/tokens. Besides, there is a gold rush atmosphere ... Not a financial advice.

True.

The crypto rush that has a feeling of gold rush has been everywhere and those developers that creates such coins think that they'll make money, an easy money very quickly.

But as an investor, you know where to invest and what coin you should put your money.

Its a must thing but there are still noobs out there who do really fall out with those scam projects or coins in the market even its already too obvious but they dont really at least know the basics of this market.

In result they do end up on losing money instead of earning and thats the only time they would really be doing their assignment.Why is it really needed to lose money first before doing some research?

We do have tons of coins in the market which choosing the best one is really hard but if you do simply stick with top #10 in the market then i can say it would be worth.

I would say we have all been subject to scams in the past and the learning curve that comes with it. I made some bad decisions too and I don't feel ashamed for it. In fact it was good that it happened early, it shaped my perception what to pay attention to and today I would say I am a better investor in crypto thanks to the mistakes I made in the past.

we can take a lesson from our mistake in the past, which is maybe at that moment we still lack of knowledge. most of us trapped in FOMO or hype from that shilled by people who have big influence in market, we didnt make any research properly to project we hold in bag and mostly shitcoin. But know we must be better investors by doing deep research before put our money.

The shilling by big personalities you mentioned is indeed a big problem. I remember when projects paid a lot of money to reputable people on Twitter who then tweeted about those coins. I fell for one project I remember where a person tweeted and I thought it should be legit because he wouldn't otherwise do that. My fault to trust more or less blindly. with enough money you can probably convince almost anyone to shill your project on social media channels.

[Semar Mesem]

I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing.  The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!

If you look at the data on coinmarketcap currently available Cryptos: 10,824 Exchanges: 381, now to make crypto is very easy like a toy for children, and it's evident that many projects have died due to intense competition.

[sherenikaw]

There are so many new altcoins that appear today and make many investors have to think hard to choose a good coin. The Old coins that are not good will be eliminated and eventually will be of no value. That's why many of the old coins became worthless because of the many new altcoins that appeared. Not that old coins are bad, there are still many old coins that have good prospects to hold. What is certain now is that you have to be smart in choosing a good coin among the many coins on the market.

[Tahsin Kabir Kollol]

In the last few years, thousands of projects have brought their coin to the market through ICO. If we look at coinmarketcap, we can see that most of these cryptocurrencies have no market volume. Most cryptocurrencies have lost their acceptance since they came on the market due to lack of practical plans and skilled team members, and after a while, they have become worthless. However, some of these potential altcoins have come and they have gained a lot of popularity among people. So it is more reasonable to think of potential cryptocurrencies without considering the number of cryptocurrencies.

[iged_war]

In the last few years, thousands of projects have brought their coin to the market through ICO. If we look at coinmarketcap, we can see that most of these cryptocurrencies have no market volume. Most cryptocurrencies have lost their acceptance since they came on the market due to lack of practical plans and skilled team members, and after a while, they have become worthless. However, some of these potential altcoins have come and they have gained a lot of popularity among people. So it is more reasonable to think of potential cryptocurrencies without considering the number of cryptocurrencies.

project creation now be a trend in crypto market, we see new project created every day and it is easy to analize. Just look at campaign that launched in this forum , how many are they now ? but in crypto market nature law will applied , project with have no utility or usecase will die immediately after launced. and it make garbage in market.

[EvieLannister]

Because everyone sees the advantages and profits of Bitcoin, they all want to make money, but in the state where altcoins are flying all over the sky, there are also many deceptive projects. If you invest in altcoins, you must understand clearly, not because of other people’s words. To control one's own thoughts,

[iTradeChips]

They're all looking to grab their little slice of the pie. 99.99% of the altcoins are not needed, they are just niche implementations of more diverse platforms such as ETH and EOS. There needs to be a serious cull of these trashcoins, and I think over the next couple of years we will definitely see the vast majority of these get close to a $0 market cap.

Looking at CMC we can see that there have been over 1,000 new additions within the last year, as of writing there are over 2,000 coins listed on CMC, which means there was a 50% increase within a year - https://coinmarketcap.com/currencies/volume/monthly/

Almost 700 of these coins have a monthly trade volume under $100,000 ergo, they are pretty much dead.

This is going to keep getting worse until 99% of all coins have no trade volume, don't feed the trend, ignore trash new coins that offer nothing new. If they are a niche coin or have limited expected utility, o not pay it any attention, and don't even invest to dump later as you're just detracting funds from the main contenders.

I would need to ask this since many of my colleagues and friends who are new to crypto are already expressing their opinion that Bitcoin is already very expensive and that they want to spend their money on something that they can actually buy a unit and not just cents to cents (if you get the gist of it) they want to buy like for example 100 litecoins as opposed to .00300000 Bitcoin. Do you think that having a market cap of 100 million US dollars and above would actually be a sign that the coin is actually worth investing? What are your thoughts about investing in coins that are cheap but has a high market cap?

[tersek]

Of course there are many coins launched by individuals or companies into the crypto market, but there are also many coins that will become "sh*tcoins" in this market. Because most of the coins launched in the crypto market are from scammers who want to make a profit.

[alevlaslo]

[ivankoh]

I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing.  The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!

The blockchain industry needs novelty, creativity, and utility to match the growing demand.  We need it to be better, more advanced, more efficient.  But I'm not sure all is well because there are loads of flags marked as junk. Be aware to ignore them.

[YOSHIE]

I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing.  The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!

I think about the Altcoin phenomenon that has recently emerged, there are hundreds of Altcoins currently entering the crypto market, it's easy to create Altcoins now and plus pandemics, I consider this one of the factors people who know crypto try to trade at home by creating Altcoins to trade, that's my thought.

I judge at this time during the crypto/Altcoin pandemic a fast alternative to make money in trading, I'm sure if this pandemic doesn't end and continues, In the future crypto users will see more altcoins coming out, that's for sure.

[Caldear]

Bitcoin has brought great benefits to investors, who saw the profitability of cryptocurrencies and created altcoins. But they will not affect Bitcoin's mainstream currency status in crypto currencies. The initial investment cost of altcoins is relatively low, and they can be doubled several times in a short period of time to obtain relatively high profits, which will inevitably bear higher risks. The purpose of creating altcoins is mostly to obtain money from investors, and there is no perfect technology to ensure its safety, so be careful to invest in altcoins.

[19Nov16]

Bitcoin has brought great benefits to investors, who saw the profitability of cryptocurrencies and created altcoins. But they will not affect Bitcoin's mainstream currency status in crypto currencies. The initial investment cost of altcoins is relatively low, and they can be doubled several times in a short period of time to obtain relatively high profits, which will inevitably bear higher risks. The purpose of creating altcoins is mostly to obtain money from investors, and there is no perfect technology to ensure its safety, so be careful to invest in altcoins.

I agree nothing is perfect, security is a sensitive thing, if you have time to find a source of money from a private key then now many sites or applications can process it, this is the biggest obstacle and challenge for crypto to get hacked, it is proven that many projects have changed contract address because they were hacked.