2022 was not particularly the best year for the crypto industry. Some would argue that it was probably one of the worst. Nonetheless, the popularity of cryptocurrencies is ever-growing. Developers are releasing new crypto projects almost on a daily basis. Given the amount of potential in the space, one can hardly blame them for wanting to do so.
According to the data on CoinMarketCap, as of the 20th of September, the total number of crypto tokens stood at 21,022. According to analysts, the number of coins has grown by 1,084 (or 5.44%) over the course of the last three months. On the 20th of June, the cryptocurrency industry had 19,938 digital tokens.
However, while the number of tokens increased, the number of exchanges have gone down in the same time frame. On the 20th of June, the number of crypto exchanges stood at 528. Three months later, the number stands at 510, which is a decrease of 3.41% (or 18 exchanges).
Bearish crypto markets not enough to stop new tokens?
The general market outlook for the better part of this year has been bearish. Moreover, Bitcoin (BTC), the original cryptocurrency had its worst quarter ever in Q2 of 2022. Even Ethereum’s historic merge was not enough to rile up investor sentiment. The fact of the matter is that there is a global financial crunch. Rising inflation and costs have led to central banks raising interest rates. This in turn has affected investments into all sorts of assets, not just crypto.
Nonetheless, as many say, all crashes are opportunities to make money. Therefore developers are not losing sleep over the current bearish sentiment. They are all too busy thinking of the next big project that could take the industry by storm. Many expect the bear market to end by 2023, and the next bull run to take off in 2024. Developers most likely have their eyes on that.
At press time the global crypto market cap was at $967 billion, down by 0.8% in the last 24 hours.