Is There Such a Thing as Too Many Cryptocurrencies?

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Is there such a thing as “too many” cryptocurrencies? And are we at that point? What would be cause to call an abundance of cryptocurrencies a problem? Ultimately, there’s a problem in the cryptocurrency world if it violates one of the main goals of the crypto community at large. When digital coins are seen as legitimate, they’re accepted and traded more frequently. This, in turn, increases the price of digital coins, puts them in greater circulation, and increases the likelihood that they could contend with major world currencies as the dominant form of global exchange.