Cryptocurrencies, the new dotcom bubble: there are 19,000 tokens and thousands of them are going to disappear

It seems that the collapse of cryptocurrencies experienced a few weeks ago is only the beginning. There are currently more than 19,000 cryptocurrencies and thousands of them are likely to crash in the coming years, which will be accompanied by a reduction in the number of blockchain platforms.

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Experts point to a glut of digital tokens and blockchain platforms as one of the main causes of what happened to the stablecoin terra and its associated digital token luna, as well as the pressure on the cryptocurrency market. An example of this is that bitcoin has lost more than 50% of its historical maximum reached in November of last year. Ether, meanwhile, plummeted last week below $2,000, a level it has not yet managed to leave behind. However, the worst part is being borne by a whole series of cryptocurrencies that are in the shadow of bitcoin and that have dropped more than 80% from their all-time highs.

This excess of digital tokens and blockchain platforms is "confusing users", which in turn is bringing "certain risks" for them, Bertrand Pérez, CEO of the Web3 Foundation, told CNBC at the World Economic Forum in Davos. from last week. Pérez compares the current cryptocurrency market to the dotcom bubble, when there were many companies that were a "scam" and "did not add any value."

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