TechFlow news, November 13 — According to monitoring data from analyst Route 2 FI, there are currently 388 crypto projects with market capitalizations exceeding $100 million (including stablecoins), down 18.6% from 477 projects in November 2021.
Route 2 FI analysis suggests the main reasons for the decline in project count include:
In November 2021, the market was near the peak of the previous cycle’s altcoin rally, whereas this cycle has not yet seen a similar speculative surge in altcoins;
At that time, tokens with low circulating supply and high fully diluted valuations were less common; if counting projects by fully diluted valuation over $100 million, the current number would exceed that of 2021;
Liquidity and capital are increasingly concentrating in large projects such as Bitcoin, Ethereum, Solana, and major Layer-2 networks, making it difficult for smaller altcoins to achieve high valuations;
After multiple market cycles, both retail and institutional investors have become more selective, favoring tokens with utility and proven ecosystems.
