- The total number of cryptocurrencies has exceeded 12,000.
- The coronavirus epidemic has also heightened interest in digital assets.
According to new statistics, over 5,000 additional tokens were created in the past 12 months, averaging over ten each day.
In recent weeks, the total number of cryptocurrencies has exceeded 12,000, according to CoinMarketCap. The site registered about 7,100 coins in September of last year, indicating at least 4,900 additional digital assets, produced in the past year.
Influencers Increase the Sector’s Potential
This is the biggest YoY increase in cryptocurrency numbers since Bitcoin’s launch. During this period, the digital asset sector grew to a $2 trillion market value. Moreover, the recent rise in Bitcoin’s price and increased institutional participation have fueled interest in crypto production.
Furthermore, big names like Elon Musk and Jack Dorsey promote the sector’s potential, more creative and financial interest, pulled in. This boosts markets and encourages developers to create their coins to capitalize on future profits and demand.
The coronavirus epidemic has also heightened interest in digital assets as a way to hedge against inflation. While stocks fell in September 2020, cryptocurrencies largely maintained their value. Maybe more creators will start investing and growing in this new asset class.
An ever-increasing quantity of coins may be unproductive or even harmful to the crypto industry’s progress. For example, the sheer amount of tokens makes SEC head Gary Gensler wary. Recognizing that there is no space for hundreds of currencies, he intends to regulate the sector better to safeguard investors.
Many of these tokens seem to be risky investments or blatant frauds. In the first half of 2021, Australians lost almost $25 million to crypto scammers.
Recommended for You
- Robert Kiyosaki Urges People To Invest in Crypto
- Five Trending Cryptocurrencies in the Market Today
- Axie Infinity’s Transaction Volume Crosses $2 Billion
- Solana (SOL) Upswing Towards $200 Soon as Bulls Get Ready
- Integration of Bitcoin in Twitter Through Lightning Network Platform
- Top Crypto Price Updates- Bitcoin Drops Below $42,900; Ether Near $2,900
