2023 Crypto Market Expansion: Almost 1,000 New Coins Added to the Mix
Despite facing increasing regulatory pressure in recent months, the cryptocurrency industry has continued to show remarkable resilience. The growth in both the value of the industry’s largest assets and the number of new cryptocurrencies entering the market is a testament to this.
According to historical data, the crypto market had 22,157 digital assets with a global market cap of just $795.56 billion on January 1, 2023. However, as of March 29, 2023, the number of tracked cryptocurrencies had risen to 23,095, indicating the addition of 938 new digital assets to the global crypto market in 2023 so far. This growth has contributed to the crypto market cap rising to a significantly higher $1.19 trillion, demonstrating a return to bullish momentum.
Remarkably, the data shows that the crypto sector has been adding approximately 10 new cryptocurrencies per day in 2023, despite the challenges posed by regulatory bodies and authorities. It is worth noting that the number of assets on the crypto market surpassed 21,000 in September 2022 and then exceeded 22,000 in December of the same year. This happened during a bear market where the industry’s market cap had declined from $2.2 trillion on January 1, 2022, to $795.56 billion on January 1, 2023, representing a 63.83% drop.
However, the recent positive performance of industry leaders such as Bitcoin (BTC), which added $30 billion to its market cap in a single day, has helped to boost the total crypto market cap to $1.19 trillion, representing a growth of nearly $390 billion or 50% since the beginning of 2023. Despite facing significant regulatory challenges, the crypto community has not remained silent, with figures such as Binance CEO Changpeng Zhao expressing disappointment at the lawsuit brought by the United States Commodity Futures Trading Commission (CFTC), and Cardano (ADA) founder Charles Hoskinson urging regulatory agencies to be held accountable.