Fun

Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn

News Feed - 2023-03-02 12:03:22

Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn


Nine years and nine months ago, on May 9, 2013, coinmarketcap.com recorded 14 cryptocurrency assets, and bitcoin’s overall valuation was $1.24 billion, with 11.13 million bitcoins in circulation at the time. Today, the same website indicates that there are 22,709 crypto assets. Additionally, the market capitalization of the crypto economy has grown significantly, increasing by 80,466% since 2013. The Evolution of the Crypto Economy: From 14 Coins to 22,709 Coins


Although over $1.5 trillion has been lost from the crypto economy since its peak in November 2021, its market capitalization has still increased by more than 80,466% since 2013. A snapshot of coinmarketcap.com (CMC) hosted on archive.org shows that, in 2013, there were 14 coins listed on the website. These included bitcoin, litecoin, peercoin, namecoin, feathercoin, terracoin, devcoin, freicoin, novacoin, chncoin, bbqcoin, mincoin, bitbar, and ixcoin. Together, the value of these crypto assets on May 9, 2013, was just over $1.32 billion. Top five crypto assets on May 9, 2013.


Of course, many of these coins have been forgotten and a great number of today’s top crypto assets did not exist back then like ethereum, bnb coin, solana, cardano, tether, usd coin, and avalanche. Stablecoins did not exist at that time and today, they represent $137 billion in value out of the current $1.06 trillion crypto economy. On May 9, 2013, BTC was trading for a whole lot less than it is today as it was exchanging hands for $111.87 per coin. There were only 11.13 million BTC in circulation in comparison to today’s 19.30 million BTC.


In 2013, BTC’s overall valuation was $1.24 billion, and litecoin’s (LTC) market capitalization was the second-largest. At the time, LTC’s market valuation was around $59.05 million, according to the CMC snapshot. Today, LTC’s market cap is much larger, at $6.79 billion. Peercoin’s (PPC) market capitalization was $5.23 million, and despite being an old-forgotten coin, PPC’s market valuation is around $13.15 million today. Other coins, like terracoin (TRC), were not as fortunate. TRC’s market cap in May 2013 was $1.14 million, and today it has fallen to $340,296. Additionally, some coins are so forgotten that they are no longer listed on coin market cap aggregation sites like CMC.


In 2013, there were only a small handful of crypto exchanges, and some of them were sketchy, to say the least. Digital currency wallets were also few and far between, and overall, the crypto economy’s infrastructure nine years ago was a shell of what it is today. 2022 was a difficult year in the crypto sector, and a great number of businesses collapsed from the downturn. Despite the collapses and the hundreds of billions that evaporated from the market, it is a significantly larger forest compared to the small patch of trees it once was in 2013. Besides the internet itself, not many sectors have seen 80,466% growth in less than a decade. Tags in this story adoption, Analysis, Avalanche, bbqcoin, Bitcoin, Blockchain, bnb coin, Cardano, chncoin, Coinmarketcap.com, Crypto, crypto economy, crypto exchanges, Cryptocurrency, devcoin, Digital Currency, Economy, Ethereum, feathercoin, Finance, freicoin, growth, Innovation, Internet, investment, ixcoin, litecoin, loss, market, Market Cap, Market Capitalization, mincoin, namecoin, novacoin, peercoin, perspective, Profit, Regulation, Solana, Speculation, Stablecoins, technology, terracoin, Tether, trading, trend, usd coin, valuation, volatility, Wallets


What do you think the future holds for the crypto economy, and how do you see it evolving in the coming years? Share your thoughts in the comments below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: LTC Hits 9-Day High, While MATIC Snaps Recent Losses MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence  MARKET UPDATES | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence  Next articleBiggest Movers: LTC Hits 9-Day High, While MATIC Snaps Recent Losses Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

News Feed

Australian Monochrome spot Bitcoin ETF expected to launch within 2 months, says CEO
Prashant Jha13 hours agoAustralian Monochrome spot Bitcoin ETF expected to launch within 2 months, says CEOAlthough Australia already has a couple of ETPs exposed to Bitcoin, Monochrome’s spot BTC ETF will be the first
Tom Blackstone3 hours agoCircle launches Web3 development platform for Web2 developersCircle announced the launch of a new platform that uses pre-vetted templates to make building Web3 apps easier for traditional develop
David Attlee14 hours agoSingapore Red Cross starts accepting crypto donationsHumanitarian aid and community services charity Red Cross Singapore included cryptocurrency as a newly accepted form of donation.2150 Total vie
South Korean Officials Notice a Sudden Rise in Crypto Mining Rigs Imports- Over 41 Shipments Intercepted in 3 Months
South Korean Officials Notice a Sudden Rise in Crypto Mining Rigs Imports- Over 41 Shipments Intercepted in 3 Months Crypto adoption is a hot topic in South Kore
Hong Kong broker offers new customers deposit bonuses in Bitcoin
Amaka Nwaokocha10 hours agoHong Kong broker offers new customers deposit bonuses in BitcoinWith the inclusion of Bitcoin rewards, Futu Securities aims to attract a new wave of investors.1770 Total views3 Total sharesList
Jesse Coghlan14 hours agoCathie Wood’s ARK dumps 700K GBTC shares in one monthAfter selling nearly 700,000 GBTC shares over the past month, ARK’s Next Generation Internet ETF still holds 4.3 million GBTC shares worth
Canadian Regulator Alerts Police to Tweets by Coinbase and Kraken Advocating Non-Custodial Wallets
Canadian Regulator Alerts Police to Tweets by Coinbase and Kraken Advocating Non-Custodial Wallets Canada’s securities regulator has flagged tweets by Coinbase CEO Brian Arm
Savannah Fortis11 hours agoAI music sending traditional industry into ‘panic,’ says new AI music platform CEOCan Ansay, founder of AI streaming and marketplace platform Musixy, says AI-generated music is revolutionar
Rakesh Upadhyay14 hours agoPrice analysis 7/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, ADA, DOGE, MATICBitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support.4196 Total views32 Total
Institutions Just ‘Waiting To Buy Up’ Bitcoin, Says MARA CEO
Este artículo también está disponible en español. In an interview with CNBC on Monday, Fred Thiel, CEO of Marathon Digital Holdings (NASDAQ: MARA), shared his bullish out
William Suberg1 hour agoBTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gainsBitcoin heads into November to tackle the Fed rate decision day after BTC’s price cements its second-best month of 2023.5
Increase Your Potential Profit With the Margin 2X Feature on Remitano Invest
Increase Your Potential Profit With the Margin 2X Feature on Remitano Invest PRESS RELEASE. With the steady rise of Bitcoin price in recent days, this is arguabl