The number of crypto projects with a current market value exceeding 100 millions has decreased by nearly 20% compared to the 2021 peak.

On November 13, according to data monitored by analyst Route2FI, there are currently 388 crypto projects with a market capitalization exceeding $100 million (including stablecoins), which is lower than the 477 projects in November 2021, representing a decrease of 18.6%. Route2FI's analysis suggests that the main reasons for the decrease in the number of projects include: November 2021 was close to the previous cycle's altcoin peak, while this cycle's altcoins have not yet experienced a frenzy of price surges; at that time, tokens with low circulating supply and high fully diluted valuations were uncommon, and if the count were based on fully diluted valuations exceeding $100 million, the current number would be higher than in 2021; liquidity and capital are increasingly concentrating in major projects such as bitcoin, ethereum, solana, and leading Layer 2 networks, making it difficult for smaller altcoins to achieve high valuations; after several market cycles, both retail and institutional investors have become more selective, tending to choose tokens with utility and proven ecosystems.