During a period of major corporate and institutional interest in the crypto industry, nearly 5,000 new tokens have emerged in the last 12 months, averaging over 10 new coins per day, new data shows.
Cryptocurrency Boom of 2021
As can be observed on CoinMarketCap’s homepage, the number of existing cryptocurrencies has recently surpassed 12,000. This is well over the approximately 7,100 coins recorded by the site in September of last year, meaning that at least 4,900 new digital assets have been created in the last 12 months alone.
This represents the largest YoY surge in the absolute number of cryptocurrencies since Bitcoin’s inception. During this time, the digital asset industry achieved a total market cap of over $2 trillion.
Interest in crypto creation is largely driven by Bitcoin’s price gains in the past year, as well as increasing institutional involvement in the space.
As household names like Elon Musk…