[The Number of Crypto Projects with a Market Cap Over $100 Million Decreased by 18.6% Compared to 2021] On November 13, according to monitoring data from analyst Route2FI, the current number of crypto projects with a market cap exceeding $100 million (including stablecoins) is 388, a decrease of 18.6% compared to 477 in November 2021. Route2FI pointed out that the reasons for the decrease in the number of projects include: November 2021 was near the peak of the altcoin market in the last cycle, while a similar surge has not yet occurred in this cycle; there were fewer tokens with low circulation and high fully diluted valuations at that time, and if calculated based on fully diluted valuations, the current number might be higher than in 2021; liquidity and capital are more concentrated in major projects such as Bitcoin, Ethereum, Solana, and leading Layer 2 networks; and investors' preferences are gradually shifting toward practical and proven token ecosystems.