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Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days

  • There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist.
  • Several cryptocurrency industry players told CNBC that thousands of digital tokens are likely to collapse while the number of blockchains in existence will also fall over the coming years.
  • Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, said there is likely to be "scores" of cryptocurrencies that remain in the future.

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Several cryptocurrency industry players have told CNBC that thousands of digital tokens are likely to collapse while the number of blockchains in existence will also fall over the coming years.

There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist. A blockchain platform, such as Ethereum, is the underlying technology that many of these different cryptocurrencies are built upon.

The recent collapse of so-called algorithmic stablecoin terraUSD and its associated digital token luna, which sent shockwaves through the market, has thrust a spotlight on the thousands of cryptocurrencies in existence and whether they will all survive.

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