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As I’m now unemployed (thanks pandemic) I’m trying to keep myself busy with projects and expanding my portfolio. An idea I’ve had has been look at the adoption of Cryptocurrencies and the overall scale of the cryptocurrency / digital token landscape.
I myself have invested in cryptocurrencies over the past few years, not only that but I’ve became heavily interested in the technologies used to create digital assets, decentralized finance and blockchain. A note, I am not an expert nor data scientist and I’m sure some very clever people could make some sense of it all but for now you can enjoy my graph…
Over the course of the pandemic we’ve seen an overall growth of Cryptocurrencies and digital assets in terms of price, adoption and acceptance and we’ve recently seen Tesla investing in $1.5 Billion in Bitcoin and Musk himself publicly backing Bitcoin and Doge Coin. Although this is the most mainstream case many corporations and investors have been doing this for along time. However with the limelight on Tesla and Elon Musk we will most likely start seeing a greater adoption from other popular mainstream businesses and backers.
Wider adoption is great for markets and growth but for a new comer just getting into Crypto and digital assets it may seem daunting and I don’t blame people for turning away from it without a greater understanding.
The more I research and look into cryptocurrencies and tokens the more I’m overwhelmed but the amount of ecosystems and assets there are. For this reason I created a simple project using 3d-force-graph and the CoinGecko API to visualize every listed asset so I could grasp the size and scale of the current listings. There are over 7,000 coins and tokens currently listed with CoinGecko and to a newcomer or even long term investor the amount of coins and tokens is most likely overwhelming. I’ve only used one source of data here so its not accurate to the exact amount of options there are but from the below graph or if you visit the site here, you can visually see the scale of and the amount of assets there are. I’ve also decided not to create any links between nodes to make it clearer to view.
I would recommend checking the site out, pausing the animation, exploring / zooming in and playing about with the controls to get an idea of the amount of data there is. Even if you spend searching the graph you won’t be able to find every coin and token.
This begs the question, are there too many options? Before I buy into a digital asset or project I like to grasp a base level understanding of what is does, how it will scale and the overall benefit of it. With the many options available its impossible to understand every asset, compare them carefully and make an informed decision. I wonder if we will see a lot of coins drop off or will we see even more being listed on exchanges? On the other hand, with the amount of digital assets and ecosystems we currently have there is something for everyone, be it big time investors or people from developing countries that use bitcoin or digital assets as they don’t have access to bank accounts and financial services.
Most of us have only ever used one currency so the option of 7000+ can be overwhelming and can put a lot of people off of diving into the Crypto world but with the growth of blockchain systems and DeFi it allows more people to invest and take control of there financial freedom rather than just using fiat, it will definitely open more doors.
The idea for this was just to give myself an overview of the current listed cryptocurrencies and grasp the scale of it, but it’s also opened up a lot of questions for me regarding the future of finance. I’m by no means an expert as you can probably tell from reading this and I don’t know a lot about economics so if anyone has any viewpoints or wants to discuss please get in touch / drop me a DM on Twitter or by using the contact form on my site.
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