Number of cryptos in circulation now over 21,000 despite shaky market
The crypto market may have been painted red and in decline for the past few weeks, but that doesn’t mean cryptocurrencies stopped growing, at least in terms of numbers.
In fact, even with front-runner Bitcoin performing poorly, affecting most if not all other digital assets badly, the number of cryptos now known increased by more than 5% in just three months.
Back in June 20, the number of cryptocurrencies was 19,938. However, new data shows that on September 20 the asset class moved past the 21,000 mark, bringing the total to 21,022.
With the notorious volatility of the space, it seems only appropriate to question why such a remarkable expansion in terms of numbers took place.
One possible explanation is that developers, hoping to make a profit, continue to launch a plethora of new coins.
Are these developments beneficial to the crypto market?
On quantity and price
They say there is strength in numbers, but that may not be true with cryptocurrencies.
At the time of writing, data from CoinGecko indicates that the global cryptocurrency market capitalization today stands at $969 billion. At first glance, this sum appears to be impressive. The only problem is that it used to be bigger.
In the last 24 hours, the digital asset market has lost 2% of its value, and while the number seems minimal, it would mean a lot when dealing with billions of dollars.
Furthermore, it is also important to note that when considering the total market value of digital assets, a year ago, there is a sharp decline of 48.02%.
The digital assets may have reached another milestone, but what good is an increase in numbers if the entire space decreases in value?
The new crypto on the block
In the past 24 hours, 21 new coins have been released, the latest of which is Rug Radio (RUG), added an hour ago at press time, according to CoinGecko.
Some of the recently released cryptocurrencies were JoJo’s Adventure (JOJO), Stylike Governance (STYL), Safe Universe (SFU), HorseDrace (HORSEDRACE), and Collie Inu (COLLIE), among many more.
Among these, the one with the highest price is JOJO, which trades at $341.90. Meanwhile, common leaders Bitcoin and Ethereum continue to deal with their respective price declines, trading at $18,998 and $1,340 respectively.
BTC total market cap at $363 billion on the daily chart | Source: TradingView.com Featured image FXVNPRo, Chart: TradingView.com
