The Crypto Market Has Added Over 700 New Coins In Q3
In 2022, the crypto market experienced tremendous volatility, which was anticipated to impact new projects entering the market. This is not the case since developers try to get a market share by creating new coins.
As of August 15, the total number of cryptocurrencies tracked by CoinMarketCap was 20,587. CoinCu estimated that the figure represented an increase of 721 new digital assets or a 3.5% rise from the 19,866 registered on June 15.
The increase comes as the general market tries to navigate the crypto winter that has dominated the first half of 2022. Notably, following a volatile start to the year, the whole crypto market has begun a short-term rise headed by Bitcoin (BTC) and Ethereum (ETH).
Other notable gainers include Ethereum, which has maintained its bullish momentum in the face of the imminent Merge upgrade, which will convert the blockchain to a Proof-of-Stake (PoS) method. Simultaneously, Ethereum remains an underlying technology for constructing new digital assets.
The advances have led some analysts to believe that the market has bottomed and that a new bounce is possible in the second half. As a result, it is reasonable to conclude that the formation of new cryptocurrencies is motivated by the prospect of a market rally.
Entities launching new assets are hoping to profit from the fact that, despite their volatility, cryptocurrencies are known to return big rewards in a short period of time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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