Number Of Crypto Coins Grew Almost 100% In 2021: Analysis

The number of crypto coins grew almost by 100% in 2021 and the uptrend continues as we enter the new year so let’s have a closer look at today’s cryptocurrency latest news.

There’s no doubt we came a long way from 2009 when BTC was the only major cryptocurrency. Now we have plenty of other cryptocurrencies being issued on the market as the technology in the space evolved to make it simple for anyone to make one. The ease of creating cryptocurrencies led to an influx of new coins on the market. Going into 2021, the number of crypto in the space sat at 8153 in January and the number accounts for the number of crypto coins that were created since Bitcoin broke into the space almost 10 years ago. The number doubled according got the latest reprots by Finbold, indicating that half of the coins on the market were created and launched in 2021.

The reports show that 8070 new coins were created in 2021 alone which led to a 100% increase in the space of a year. In total, there are now 16,223 cryptocurrencies on the market and there are about 21 new coins that are launched on the market every day. The total number of cryptos on the market hit a new high when it hit the 13,000 mark. In just two months there were over 3000 new coins introduced on the market which shows the accelerated rate at which these coins are launched.

The number is expected to continue rising in 2022 as the emergence of new technology on the market makes it easier to create the new token. In some cases, it takes a few minutes for anyone to create their own token and launch it. The role that the meme coins had in the increasing number of crypto coins should not be underestimated. Coins like these proved that digital assets don’t need a proven use case to become successful in the market. These cryptocurrencies were good enough for their market caps to enter into the billions.

This encouraged more people to create “shitcoins” that have no use cases hoping to become the next SHIB or DOGE. The new coins despite being the larger majority, control a smaller portion of the total crypto market cap and it is estimated that the top 3 coins by market cap or 0.02% and control about 70% of the crypto market cap.