New crypto reach 21,000 despite unstable markets

Despite its significant volatility since the beginning of 2022, the cryptocurrency market has continued to grow as developers introduce new currencies in an effort to get a share of the possible earnings.

According to CoinMarketCap statistics obtained on September 20, the total number of cryptocurrencies amounted to 21,022 as of that day. Using this data along with a web archive tool, Finbold calculated that there are now 1,084 more coins in circulation, an increase of 5.44 percent since June 20 (when there were 19,938 digital assets on the market).

However, throughout this time span, the number of cryptocurrency exchanges actually declined, from 528 on June 20 to 510 three months later, a drop of 18 exchanges or 3.41 percent.

Coinciding with the release of these new numbers, the crypto market as a whole is seeking to rebound from a period of uncertainty that led to a $165 billion loss in market capitalization in a single week, bringing it to a two-month low, as reported by Finbold.

According to CoinMarketCap statistics, as of press time, the market capitalization of cryptocurrencies has increased by 2.6% over the course of the day, reaching $932.94 billion, and is up 39.93% from $666.72 billion, where it briefly stood on September 18.

The number of downloads of cryptocurrency trading and cryptocurrency wallet apps fell by 55% year over year (YoY) from the third quarter of 2021 to the third quarter of 2022, as a result of adverse market sentiments.

According to their total fintech index score, which takes into consideration characteristics such as valuation, social following, investment, and online exposure, half of the top 10 most prominent fintech enterprises in 2022 will be cryptocurrency-based.

Also Read: Nasdaq Will Develop Its Own Crypto Custody Service For Institutions

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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