10 new cryptocurrencies are getting launched each day accoridng to the latest data reports and the array of available coins erupted over the past year especially so let’s read more in our latest altcoin news today.
During a long period of corporate and institutional interest in the crypto industry, about 5000 new tokens emerged over the past 12 months and an average of over 10 new coins per day. The CoinMarketcap homepage shows that the number of existing cryptocurrencies surpassed 12,000 recently which is well over the 7100 coins recorded by the site in September 2020 which means that at least 4900 new digital assets were created in one year.
This represents the biggest YoY surge in the number of cryptos since BTC’s inception and during this time, the digital asset industry hit a total market cap of over $2 trillion. The interest in crypto creation is driven by Bitcoin’s price gains over the past year and there’s also an increase in institutional involvement in the space. As household names like Elon Musk and Jack Dorsey showed support for the industry and the possibilities creative and financial interest still gets drawn into the space. The further bolster the markets and inspired developers to work on their crypto own cryptos to avoid missing out on the gains and the demand.
Digital assets garnered high interest as an asset class and hedge against inflation especially during the economic crisis that was created by the coronavirus pandemic. While September of 2020 saw the stock markets plunge, the cryptocurrencies held their value and this could have inspired some creators to start investing and developing in the emerging asset class. Through increased interest and tech development is crucial to the crypto industry’s growth to a growing number of coins could be counterproductive or dangerous.
The data shows that 10 new cryptocurrencies get launched each day while SEC Chair Gary Gensler is now becoming even more skeptical of the space due to the vast number of the tokens in existence but said there’s no room for thousands of different currencies and he plans to regulate the industry to protect the investors before some of them collapsed. Most of these tokens seem like dangerous investments and some are scams with more than $25 million were lost to scams among people in Australia in the first half of the year.
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