Crypto market adds nearly 1,000 new coins in 2023 as momentum returns
Although the cryptocurrency industry has been under a lot of regulatory pressure in recent months, it has shown considerable resilience, reflected in both the rising prices of its largest assets, as well as the number of new cryptocurrencies appearing on the market.
In fact, the historical data that Finbold obtained using the Internet Archive’s Wayback Machine indicates that the crypto market had 22,157 digital assets as of January 1, 2023, when its global market capitalization was only $795.56 billion, as shown by the crypto tracking platform CoinMarketCap on that date.
Notably, as of March 29, 2023, the number of cryptocurrencies tracked by a major digital asset market data site was 23,095, revealing that 938 new digital assets were added to a global crypto market this year to date with the crypto market cap corresponding to a significant higher at $1.19 trillion, showing that it has regained its bullish momentum.
Interestingly, the numbers reflect the fact that the crypto sector has added around 10 new cryptocurrencies per day in 2023 despite the trials and tribulations caused by the renewed offensive by banking authorities and regulators that has recently culminated in a lawsuit against Binance, the world’s largest crypto exchange.
As a reminder, the number of assets in the crypto market passed the 21,000 mark for the first time in history in September 2022, followed by breaching the 22,000 level on December 11, amid a bear market that had seen the sector’s market capitalization fall from $2.2 trillion on 1. January 2022 to $795.56 billion on January 1, 2023 – or 63.83%.
Rally on crypto market values
However, recent advances by industry leaders, including Bitcoin (BTC), which added $30 billion to its market cap in a day, pushed the total crypto market cap to today’s $1.19 trillion, as it grew by nearly $390 billion or 50% since the beginning of this year, which CoinMarketCap chart patterns and data indicate.
Meanwhile, the crypto community has not taken the latest blows quietly, as Binance CEO Changpeng Zhao called the United States Commodity Futures Trading Commission (CFTC) lawsuit “unexpected and disappointing,” while law firm Cooper & Kirk wrote a letter to Congress. calls for it to hold regulatory agencies accountable, as shared by Cardano (ADA) founder Charles Hoskinson.
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