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Are there too many cryptocurrencies?

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The cryptocurrency industry has grown at a staggering pace. There are now almost 21,000 different coins in existence, across a variety of subsectors.

From metaverses to decentralized finance, investors are spoiled for choice.But a burning question, especially among crypto skeptics, is this: Are there too many cryptocurrencies?

We've repeatedly seen how new altcoins can be created in the blink of an eye. Tokens popped up hours after Will Smith slapped Chris Rock at the Oscars — pumping and dumping on low liquidity.

And following the death of Queen Elizabeth, the markets were flooded by a flurry of "memecoins" bearing her name. Some critics felt this was in poor taste and argued it was "a bad look for crypto." Despite the proliferation of thousands of cryptocurrencies — some with names inspired by major coins — Bitcoin and Ethereum continue to dominate.

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