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Over 1,000 new cryptocurrencies emerged in January, 30 on average daily

Over 1,000 new cryptocurrencies emerged in January, 30 on average daily
Jordan
Major
5 months ago
2 mins read

In 2022, the number of cryptocurrencies continues to expand, following an unprecedented boom in the market in 2021, when more cryptos were created than ever before.

Notably, in January 2022, over 1,000 new cryptocurrencies emerged in the crypto market when employing a web archive tool; Finbold was able to determine that the number of crypto assets was 16,238 on January 1, 2022, based on the data obtained.

On January 31, there were 17,240 cryptocurrencies in circulation, which means that 1,002 new cryptocurrencies were introduced in only one month. There are already 17,275 cryptos available on the market as of February 2, but this number is expected to rise.

The new cryptocurrencies mark a 6.17% growth from the start to the conclusion of the month; this equates to 33 assets being added every day through the 31 days, according to CoinMarketCap statistics.

Over 8,000 cryptos added in 2021

It’s worth mentioning that the number of cryptocurrencies increased in parallel with the growth of the cryptocurrency market in 2021.

On January 1, 2021, there were 8,153 crypto assets; by contrast, there were 16,223 digital assets as of December 31, showing that 8,070 additional cryptos were added in 2021 alone, signifying a 98.98% gain over the previous year and almost double the original amount.

In the previous year, an average of 21 new cryptocurrencies were introduced to the market on a daily basis, which suggests that if the current average of 33 new cryptocurrencies is maintained, the number of new cryptocurrencies introduced in 2022 may surpass last year.

The global crypto market cap

Currently, the total market capitalization of the crypto market is $1.77 trillion, representing a 0.72% gain over the previous day.

Global crypto market cap 1-day chart. Source: CoinMarketCap

Despite the addition of over 1,000 new digital assets to the sector in less than a month, the market cap is significantly lower than the $2.26 trillion reached on December 31, and it is even lower than the $2.6 trillion market cap attained on October 25, when the total number of cryptocurrencies exceeded 13,000

Given that the vast majority of funds are concentrated in just the top 100 cryptocurrencies in terms of market capitalization, growth in the number of crypto coins and tokens created does not necessarily translate into a higher market cap.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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