Report: More than 10 new cryptocurrencies launched daily

Report: More than 10 new cryptocurrencies launched daily

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Answer Report: More than 10 new cryptocurrencies launched daily

According to a new report in the crypto industry, there is a great deal of interest from companies and institutions in the digital currency industry, and that there are nearly 5,000 new digital currencies that have appeared in the past 12 months, an average of more than 10 new digital currencies per day.

Cryptocurrency boom in 2021:

On the homepage of CoinMarketCap you can see how the number of cryptocurrencies in existence recently exceeded 12,000.

This is a much higher number than nearly 7,100 digital currencies record it The site was launched in September of last year, which means that at least 4,900 new cryptocurrencies have been created in the past 12 months alone.

Read:In its quest for legal compliance…Binance hires a former IRS expert

This represents the largest year-over-year increase in the absolute number of cryptocurrencies since the inception of Bitcoin.

During this time, the cryptocurrency industry has generated a total market value of over $2 trillion.

The interest in creating cryptocurrencies has been driven largely by the gains from Bitcoin and other altcoins over the past year, as well as increased institutional participation in the space.

As well-known names and personalities such as Elon Musk and Jack Dorsey show support for the industry and its potential, creative and financial interest in the space continues to be drawn.

This further enhances this market, and inspires developers to work on their cryptocurrencies to avoid losing potential gains and demand.

In addition, cryptocurrencies have gained a lot of interest and are becoming seen as an asset class to hedge against inflation, especially during the economic crisis brought on by the coronavirus pandemic.

While September of 2020 saw the stock markets plummet, cryptocurrencies retained their value.

This may have inspired more innovators to start investing and developing in the emerging asset class.

Is the increase in the number of cryptocurrencies a positive thing?

Growing interest and technical sophistication is crucial to the growth of the crypto industry, and the ever-increasing number of cryptocurrencies may be counterproductive or even dangerous.

Read:Twitter CEO: Hyperinflation will change everything and it is already happening

For example, Gary Gensler, the head of the SEC, told that he has become more skeptical in the crypto arena given the huge number of cryptocurrencies out there.

Realizing that there is no room for thousands of different digital currencies, he plans to further regulate the industry to protect investors before some of them inevitably collapse.

Many of these digital currencies look like serious investments, and some are outright scams.

More than $25 million was lost in cryptocurrency scams among Australians alone in the first half of 2021.

Read also:

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