The crypto market might have been painted in red and on a decline for the past few weeks, but that doesn’t mean cryptocurrencies stopped growing, at least in terms of numbers.
In fact, even with frontrunner Bitcoin performing badly affecting majority if not all of its fellow digital assets, the number of crypto now known ballooned by more than 5% in just three months.
Back in June 20, the number of cryptocurrencies stood at 19,938. However, new data shows that as of September 20, the asset class moved past the 21K mark, tallying its total to 21,022.
With the notorious volatility of the space, it seems only fitting to question why such a remarkable expansion in terms of number took place.
One possible explanation is that developers, in hopes of gaining profits, continue to launch a multitude of new coins.
Is this development helpful to the crypto market?
On Quantity And PriceThey say there is strength in numbers, but that might not prove true with cryptocurrencies.
As of this writing, data from CoinGecko indicate that the global cryptocurrency market capitalization today is at $969 billion. At a glance, this sum seems to be impressive. The only problem is, it used to be bigger.
In the last 24 hours, the digital assets market lost 2% of its value and while the number seems minimal, when dealing with billions of dollars it would mean a lot.
Furthermore, it is also important to note that when considering the overall market cap of digital assets, a year ago, there is a glaring 48.02% decline.
The digital assets might have reached another milestone, but what good will an increase in number do if the whole space dips in value?
The New Crypto On The BlockOver the last 24 hours, there have been 21 new coins that have been released, the latest of which is Rug Radio (RUG), added one hour ago as of press time, according to CoinGecko.
Some of the cryptocurrencies that were recently released were JoJos Adventure (JOJO), Stylike Governance (STYL), Safe Universe (SFU), HorseDrace (HORSEDRACE) and Collie Inu (COLLIE), among many more others.
Among these, the one that has the highest price is JOJO, trading at $341.90. Meanwhile, usual leaders Bitcoin and Ethereum continue to deal with their respective price slumps, 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