- New cryptocurrencies and digital tokens are emerging at a rate of 31 per day.
- There were 8000+ cryptos added in 2021 alone.
- Over 100% growth in the crypto birth rate, shows the excitement of the market since 2021.
From dogs to fishes, movie themes to past presidents, there’s a token for almost anything you can think of nowadays. The rapid growth in using blockchain technology among over 2.5 billion youths has made it so. While the older cryptocurrencies were established with a vision to topple centuries-old practices of finance centralization, these new coins just want to have fun and make a little real money by the side — just like their creators. They go by the name altcoins, shitcoins, or tokens, and here’s a statistic to show how many of them we’ve had so far.
4000+ New Cryptocurrencies by 2020
Many analysts believe the crypto market had its best years in 2017. It was good for the then two-year-old Ethereum and great for Bitcoin, which astronomically climbed from $900 to over $20,000, representing >2,200% gain.
2017 saw the on-boarding of a greater number of crypto investors who saw the potential for the digital currency revolution to topple centralized finance. There were only 66 cryptocurrencies in the year 2013, and about 4000 cryptocurrencies by the end of the year 2020.
8000+ New Cryptocurrencies in 2021
Thanks to the rapid growth of the crypto market in 2021, over 8000 new tokens joined the list from the first day of January to the last day of December. This represents a 99% increase from its opening statistics, which stood at ~8,100 at the start of the year.
Top tokens like Only 1 (LIKE), Ardana (DANA), FLOW, meme coins like Dogecoin (DOGE), and the defunct Ethereum Max (EMMAX) were created during this period.
1000 New Tokens In January Alone
By the turn of the current month, total digital assets onboard and in circulation have hit approximately 17,200 from its 2021 closing balance of 16,200, marking an additional 1000 new assets. This shows an average addition of 31 new tokens daily and rapid progress from the 21 tokens per day in addition obtainable in 2021. While a good number of new tokens help facilitate user experience in the Metaverse and crypto gaming projects, a good number of them exist solely to cash in on a trend.
With the entire crypto market still struggling to reclaim the over $1 trillion lost out of its $2.8 trillion all-time-high valuation, it is clear to see that many of these new token projects add little to nothing in terms of growth for the market. But as the saying goes, you never know the next big crypto project.