The cryptocurrency industry started off 2022 on a strong note before collapsing into a bear market that would go down in history. This bear market would be marked by the failure of several projects and the impact of macroeconomic issues.
However, in spite of the current market conditions, new cryptocurrency initiatives continue to enter the market, and it would appear that they are unaffected by these conditions. According to data collected by CoinMarketCap as of October 28th, there were a total of 21,555 different cryptocurrencies in circulation.
Using a web archive tool, Finbold was able to determine that 5,317 new cryptocurrencies came into being in 2022 alone. This is a growth of almost 32% from the 16,238 tokens that were recorded on January 1.
Throughout the course of cryptocurrency’s history, a bull market has almost always been the driving force behind the creation of new cryptocurrencies, with investors and developers alike looking to make a profit. The trend for 2022, on the other hand, lends some credibility to the concept that the present bear market could just be a temporary one, leaving up the door for a possible rebound.