Too many different cryptocurrencies out there

In Nov 2019 there were 2817 cryptocurrencies in existence. Now there are over 4500. I feel like every day I hear about new ones being created and a lot of them are obviously trying to take advantage of this momentum.

A lot of people are investing in these new coins because they know that in the short term the profit can be higher than with a top coin. Then on the other side you have big companies investing in a few coins. None of them seem to be investing mainly due to what the uses of the currency can be or is.

This leaves good projects out there barely moving forward because the number of people joining the space either invests in the top 5 or in new/small value coins looking for profit and the number of actual users of the tech remains low.

If the bull run ends before good projects get off the ground more, I am afraid many will lose traction and never recover.

https://www.statista.com/statistics/863917/number-crypto-coins-tokens/