Crypto Economy Grows 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Recession – Market Update
Nine years and nine months ago, on May 9, 2013, coinmarketcap.com recorded 14 crypto assets, and bitcoin had a total valuation of $1.24 billion, with 11.13 million bitcoins in circulation at that time. Today, the same website states that there are 22,709 crypto assets. Additionally, the market capitalization of the crypto economy has grown significantly since 2013 with an increase of 80,466%.
Evolution of the crypto economy: from 14 coins to 22,709 coins
Although the crypto economy has lost over $1.5 trillion since its peak in November 2021, its market capitalization has increased by over 80,466% since 2013. As of 2013, there were 14 coins listed on the website. These include bitcoin, litecoin, peercoin, namecoin, feathercoin, terracoin, devcoin, freecoin, novacoin, chaincoin, BBQcoin, mincoin, bitbar and ixcoin. In total, these crypto assets were valued at a little over $1.32 billion as of May 9, 2013.
Top five crypto assets on May 9th, 2013.
Of course, many of these coins have been forgotten and a large number of today’s top crypto assets did not exist then, such as Ethereum, BNB Coin, Solana, Cardano, Tether, USD Coin and Avalanche. Stable coins did not exist at the time and today, they represent $137 billion worth of the current $1.06 trillion crypto economy. On May 9th, 2013, BTC was trading for much less than it is today as it was exchanging hands for $111.87 per coin. Only 11.13 million BTC were in circulation, compared to 19.30 million BTC today.
In 2013, BTC had a total valuation of $1.24 billion, and the market capitalization of Litecoin (LTC) was the second largest. According to CMC Snapshot, the market capitalization of LTC at that time was approximately $59.05 million. Today, the market cap of LTC is well over $6.79 billion. Peercoin’s (PPC) market capitalization was $5.23 million, and despite being a forgotten coin, PPC’s market valuation today is around $13.15 million. Other coins such as Terracoin (TRC) were not as lucky. TRC had a market cap of $1.14 million in May 2013 and has declined to $340,296 today. 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 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 infrastructure of the crypto economy nine years ago was a shell of what it is today. 2022 was a tough year in the crypto sector, and a great number of businesses fell through the recession. Despite being busted and hundreds of billions evaporated from the market, it is a much bigger forest than the small patch of trees it once was in 2013. Apart from the internet itself, not many sectors have seen an increase of 80,466% in less than a year. decade.
Tags adoption, analysis, avalanche, bbqcoin, bitcoin, blockchain, bnb coin, cardano, chncoin, Coinmarketcap.com, crypto, crypto economy, crypto exchange, cryptocurrency, devcoin, digital currency, economy, ethereum, feathercoin, finance, freecoin, growth, innovation, internet, investment, ixcoin, litecoin, loss, market, market cap, market capitalization, minecoin, namecoin, novacoin, peercoin, perspective, profit, regulation, solana, speculation, stablecoin, technology, terracoin, tether, trading, trend, usd coin, valuation, volatility, wallet
What do you think the future holds for the crypto economy, and how do you see it developing in the coming years? Share your thoughts in the comments below.
jamie redman
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