Number of crypto soars despite market crash

The total number of cryptocurrencies has risen by 70 per cent in the year from August 2021 to August 2022, despite the $2 trillion collapse of the crypto market that has raised concerns over the survival of several crypto companies.

According to data presented by AugustaFreePress.com and compiled by Statista and Investing.com, the total number of cryptocurrencies surged 75 times in seven years from 60 to around 4,500 before doubling between 2021 and 2022.

The first half of 2021 saw 1,500 new digital coins enter the market to hit over 6,000 in July, before 1,000 new cryptocurrencies were added to the market each month, reaching 9,900 in January 2022.

February 2022 saw almost 10,400 crypto coins in the market before falling to around 10,000 in the last six months to record its first decrease in years.

The data from AugustaFreePress.com also showed the total crypto market capitalisation declined to under $1 trillion after the crash earlier this year, with the top two cryptocurrencies losing 70 per cent in total value year-on-year.

According to CoinMarketCap, Bitcoin’s combined value stood at $391 billion this week – 68 per cent less than the same time one year ago. Ethereum’s market capitalisation also dropped to $193 billion.

Tether, USD Coin and BNB round out the top five cryptocurrencies in the global market, which collectively still make up over 75 per cent of the total market value (Bitcoin at 40 per cent, Ethereum at 20 per cent, and the rest at 16 per cent).