The number of cryptocurrency projects that have hit at least $1 billion market cap has reached 100, Cointelegraph reported, noting that the number of currencies to have hit the milestone in the past two months has doubled.
There have been numerous reasons behind this trend, and not least the growth of institutional investment in cryptocurrencies.
While some may have doubted the success of Bitcoin as a currency, and for a good reason, too, the drop in currency volatility and backing from Tesla, have both made it so that consumers and businesses have been eyeing crypto with a little more trust of late.
The trust in Bitcoin has set off a chain reaction that has driven the value for many other currencies, over 100 in fact as pointed out by Cointelegraph. Currencies and projects to hit the enviable market cap have been joined by decentralized finance (DeFi) solutions and definitely non-fungible tokens, both of which have been grabbing headlines recently.
Each of these segments has been growing at an exponential pace, eliciting both optimism and cautious pessimism about the future. BNP Paribas boss John Egan didn't hesitate to qualify NFTs as the riskiest crypto asset out there, but Tron founder Justin Sun decided to go ahead and launch a new platform dedicated fully to them.
There have been many winners including Enjin Coin (ENJ) which hit $2.6 billion market cap and is growing all the time. Decentraland (MANA) has also send ripples suggesting that people can be employed in virtual metaverses to make the experience more worthwhile for players.