The cryptocurrency market might have been painted red and in decline for the past few weeks, but that doesn’t mean cryptocurrencies have stopped growing, at least in terms of numbers.
In fact, even with Bitcoin’s best performance undermining most, if not all, of its digital asset peers, the number of cryptos that are now known increased by more than 5% in just three months.
As of June 20, the number of cryptocurrencies was 19,938. However, new data shows that as of September 20, the asset class passed the 21,000 mark, with a total of 21,022.
With the notorious volatility of the space, it seems appropriate to question why such a remarkable expansion in numbers occurred.
One possible explanation is that developers, hoping to make a profit, keep releasing a multitude of new coins.
Is this development useful for the crypto market?
Quantity and price
They say there is strength in numbers, but that might not be true with cryptocurrencies.
At the time of writing, data from CoinGecko indicates that the global cryptocurrency market cap today is $969 billion. At first glance, this sum seems 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, when it comes to billions of dollars it would mean a lot.
Furthermore, it is also important to note that if you consider the overall market capitalization of digital assets, there is a glaring decline of 48.02% a year ago.
Digital assets might have hit another milestone, but what good is an increase in numbers if the entire space is depreciating?
The new cryptography on the block
In the past 24 hours, 21 new coins have been launched, the latest of which is Rug Radio (RUG), added an hour ago at press time, according to CoinGecko.
Some of the recently launched cryptocurrencies were JoJos 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 is listed at $341.90. Meanwhile, the usual leaders Bitcoin and Ethereum continue to face their respective price drops, 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