The number of cryptocurrency projects with a market capitalization exceeding $100 million has decreased from 477 in November 2021 to 388, according to crypto analyst Route 2 FI. This decline reflects a shift in market dynamics since the peak of altcoins in the previous cycle. The analyst notes that while the total market capitalization has grown, liquidity and funds are increasingly concentrated in fewer, larger projects, making it challenging for smaller altcoins to achieve high valuations. Route 2 FI also highlighted that the number of projects with a market value over $10 million has increased from 1,153 in 2021 to 1,227. Despite this growth, the analyst expected a higher number, indicating a more cautious approach by investors who now prefer tokens with practical value and proven track records over speculative investments.