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Number of new cryptocurrencies surpasses 21,000 despite shaky markets

Number of new cryptocurrencies surpasses 21,000 despite shaky markets

Despite its substantial volatility since the start of 2022, the cryptocurrency sector has continued to expand, as developers keep relentlessly launching new coins in an attempt to grab a piece of the potential profits for themselves.

As it happens, the total number of cryptocurrencies stood at 21,022 as of September 20, according to the data retrieved from CoinMarketCap. Combining this data with a web archive tool, Finbold was able to determine that the number of coins has grown by 1,084 or 5.44% in three months – since June 20, when the crypto market had 19,938 digital assets.

Total number of digital assets on September 20, 2022. Source: CoinMarketCap

At the same time, the number of crypto exchanges during the observed period actually decreased – going from 528 on June 20, to 510 three months later, which means that the market has lost a total of 18 crypto exchanges, representing a 3.41% decline.

General market atmosphere

Meanwhile, the new figures arrive as the general crypto market is trying to recover from the period of uncertainty that recently culminated in $165 billion leaking out of its market capitalization in a single week, dropping to a two-month low, as Finbold reported.

At press time, the crypto market cap has recovered by 2.6% over the day, currently standing at $932.94 billion, which is also up 39.93% from $666.72 billion where it briefly found itself on September 18, as per CoinMarketCap data.

Elsewhere, bearish market vibes have brought on a drop in crypto trading and crypto wallet app downloads, which decreased by 55% year-over-year (YoY) through the third quarter of 2022.

That said, half of the top 10 most influential fintech organizations in 2022 are crypto companies, according to their overall fintech index score that takes into account factors such as value, social following, funding, and online visibility. 

These include the world’s largest non-fungible token (NFT) marketplace OpenSea, crypto exchange FTX, blockchain data platform Chainalysis, digital asset custody and settlement platform Fireblocks, as well as crypto app and payment service provider Circle.

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