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Bitcoin and ether are not the only cryptocurrencies: There are many other cryptocurrencies in the world

Web 3.0 projects can be found everywhere, from metaverses to NFT markets, It is hard to keep track of the exact number of cryptocurrencies and to decide which one to invest in. Let’s find out which cryptocurrencies are currently available and what their risks are.

You probably already know that you can purchase other digital currencies online, including bitcoin and ether. Although their exact numbers are not known, here are some interesting data.

  • Coinbase is one of the most popular crypto exchanges. It has 9494 currencies.
  • CoinMarketCap, a cryptocurrency value tracking website, shows that there are 17543 virtual currencies around the world. It only takes into account 9358.
  • CoinGecko also tracks prices and has 12563 cryptocurrency.
  • TokenSniffer, a service that tracks fraudulent coins, found over 1210508 tokens. TokenSniffer scans different blockchains to find new tokens.

What does it take to track cryptocurrency?

Representatives from CoinGecko claim that there are more than 500 000 crypto tokens. Most of these tokens are either out of circulation or spam. They don’t need to be tracked.

GeckoTerminal , a CoinGecko service that scans different exchanges and blockchains to verify the coins’ authenticity and value, is . All lists are manually checked, so there is no chance of a fraudulent coin being presented.

CoinMarketCap uses a different approach. This site allows community members and project managers to submit applications to add their currency or token to the list. CoinMarketCap monitors various parameters, including trading volume, community engagement and project age.

Are all these coins legal to use?

It’s not really. Representatives of CoinMarketCap claim that it is easy to create your own token, and then place it on centralized exchanges like UniSwap or SushiSwap. You can see how many tokens are being added each day on TokenFomo. All the items that have been added to large blockchains in the last 24 hours are listed there.

Developers have added over 50 tokens to ListingSpy’s website in the last 15 days. It is difficult to verify that they are all real. Many of them have a small trading volume, so almost nobody uses them. It is best to avoid them.

Tools like TokenSniffer and BSC help to assess the risks associated with new tokens and identify fraudulent individuals.

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