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Crypto market adds nearly 1,000 new coins in 2023 as momentum returns

Crypto market adds nearly 1,000 new coins in 2023 as momentum returns

Although the cryptocurrency industry has been under a lot of regulatory pressure in recent months, it has demonstrated significant resilience, reflected in both the growing prices of its largest assets as well as the number of new cryptocurrencies appearing on the market.

Indeed, the historical data that Finbold retrieved using the Internet Archive’s Wayback Machine indicates that the crypto market had 22,157 digital assets as of January 1, 2023, when its global market cap stood at a mere $795.56 billion, as shown by the crypto tracking platform CoinMarketCap on that date.

Total number of cryptocurrencies as of January 1, 2023. Source: Wayback Machine

Notably, as of March 29, 2023, the number of cryptocurrencies tracked by a largest digital asset market data website stood at 23,095, revealing that 938 new digital assets were added to a global crypto market this year to date with the crypto market cap amounting to a significantly higher at $1.19 trillion, demonstrating that it has regained its bullish momentum.

Interestingly, the figures render a fact that crypto sector has been adding around 10 new cryptocurrencies per day in 2023 despite trials and tribulations caused by the renewed offensive from banking authorities and regulators that have recently culminated with a lawsuit against Binance, the world’s largest crypto exchange.

Total number of cryptocurrencies as of March 29, 2023. Source: CoinMarketCap

As a reminder, the number of assets on the crypto market surpassed the 21,000 mark for the first time in history in September 2022, followed by breaking the 22,000 level on December 11, amid a bear market that had seen the sector’s market cap decline from $2.2 trillion on January 1, 2022, to $795.56 billion on January 1, 2023 – or 63.83%.

Crypto market cap rallies

However, the recent advances of the industry’s representatives, including Bitcoin (BTC), which has added $30 billion to its market cap in a day, have pushed the total crypto market cap to the current $1.19 trillion, as it grew by nearly $390 billion or 50% since the beginning of this year, as the CoinMarketCap chart patterns and data indicate.

Total cryptocurrency market cap. Source: CoinMarketCap

Meanwhile, the crypto community has not taken the recent blows quietly, as Binance CEO Changpeng Zhao called the lawsuit coming from the United States Commodity Futures Trading Commission (CFTC) “unexpected and disappointing,” whereas law firm Cooper & Kirk wrote a letter to Congress urging it to hold regulatory agencies to account, as shared by Cardano (ADA) founder Charles Hoskinson.

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