Evidently, the introduction of new projects into the market has not halted despite the general price decline on the cryptocurrency market since the start of the year. In fact, the renowned CoinMarketCap platform already lists more than 20,000 cryptocurrencies that are available on the market. This is a first in human history, and it raises more concerns about the regulation and utility of the vast array of crypto assets.
Rise of 23% since the year’s beginning
According to data on the portal, as of June 26, there were exactly 20,002 cryptocurrencies that CoinMarketCap was tracking. This record figure was attained thanks to the 3,765 new cryptocurrencies that have been added since the year’s beginning, an increase of 23%. However, with bitcoin alone making up 42% of the overall market capitalization, the distribution of wealth is as unequal as ever. While the market is now being shaken by the crypto winter, it is clear that the arrival of a bull cycle will open the door for new projects to establish themselves.
Only their utility will, however, allow these cryptocurrencies to truly impose themselves; this is a hurdle that other assets have previously failed to achieve. Players in the cryptosphere have long decried the lack of use of crypto initiatives. Some advocate for cryptocurrency regulation in order to safeguard the reputation of the sector and safeguard investors. To control the expanding market, Cardano founder Charles Hoskinson suggested self-certification.
