The world of cryptocurrencies has witnessed tremendous growth since the inception of Bitcoin in 2009. Over the past decade, digital currencies have continued to evolve, with more and more projects launching their own crypto coins or tokens. In this article, we attempt to answer the question: how many cryptocurrencies are there in existence today?

As of September 2021, there are over 11,000 distinct cryptocurrencies listed on various market tracking websites like CoinMarketCap and CoinGecko. However, this number tends to fluctuate due to the rapidly changing nature of the cryptocurrency market and the continuous advent of new virtual currencies.

Cryptocurrencies can be broadly classified into two categories – coins and tokens. Coins are native to their own blockchain and serve as the primary medium of exchange in a decentralized network. The most prominent examples are Bitcoin, Ethereum, Binance Coin, and Litecoin.

On the other hand, tokens operate on an existing blockchain platform and can represent a wide range of utility functions or assets. The majority of tokens are built on Ethereum’s blockchain as ERC-20 tokens, although other platforms like Binance Smart Chain also support token creation.

The number of cryptocurrencies is likely to keep increasing as newer projects originate from emerging technologies such as decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain innovations that offer novel use cases for digital currencies. Additionally, established businesses and new startups alike are keen to leverage blockchain technology to improve their operations or create new opportunities which often involve launching a native cryptocurrency.

It is important to note that not all cryptocurrencies launched make it to prominent market listing websites. Many digital currencies fail due to a lack of interest or use cases or simply fizzle out because of mismanagement. As a result, numerous projects might be considered ‘dead,’ but their cryptos still exist within the larger ecosystem.

In conclusion, while it may be challenging to pinpoint the exact number of cryptocurrencies given the ever-changing digital landscape, the best estimate is currently over 11,000, with new projects regularly emerging. As this dynamic market continues to mature and evolve, users must stay informed and exercise caution when dealing with digital assets.