In November 2021 there was 477 projects above $100m mcap. Today that number is 388 (incl. stablecoins). Why is it lower today? Some reasons that I can think of: 1) Nov 2021 was almost the top for altcoins in the last cycle. Altcoins haven't really had a crazy run this cycle. 2) Low float, high FDV coins wasn't that normal back then. If we had sorted for number of projects with FDV over $100m, it should be higher today than in 2021 3) Liquidity and capital have increasingly concentrated into fewer, larger projects (Bitcoin, Ethereum, Solana, major L2s). This means smaller altcoins struggle to reach high valuations even if total market cap is up. 4) After several cycles of hype, I think retail and institutional investors have become more selective, favoring utility and proven coins/ecosystems over speculative tokens. PS! Number of projects above $10m mcap was 1153 in 2021, while it is 1227 projects today. Ngl, a bit surprised it isn't higher.(Route 2 FI)