The TOTAL3 market capitalization is still below its 2021 peak. However, a more important observation is how much the number of crypto projects has expanded since the previous cycle. In 2021 the market had roughly 8,000 to 16,000 listed assets. By 2026 this number has surpassed 25,000 across major tracking platforms, not including the millions of tokens created directly on blockchains.

This means that even if the total market capitalization is not significantly higher than in the previous cycle, the average capital allocated to each project has declined substantially. Liquidity has become far more fragmented, making it harder for many altcoins, especially technology focused projects, to attract capital the way they did in 2021.

In simple terms, the same liquidity pie is now being divided among far more projects than before 📈👀
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