In January, over 1,000 new cryptocurrencies were launched, with 30 being added on a daily basis.

Following an unprecedented market boom in 2021, when more cryptos were created than ever before, the number of cryptocurrencies continues to grow in 2022.

Notably, when using a web archive tool in January 2022, over 1,000 new cryptocurrencies emerged in the crypto market; Finbold was able to determine that the number of crypto assets was 16,238 on January 1, 2022, based on the data obtained.

On January 31, there were 17,240 cryptocurrencies in circulation, implying that 1,002 new cryptocurrencies were launched in just one month. As of February 2, there are already 17,275 cryptos available on the market, but this figure is expected to rise.

According to CoinMarketCap statistics, the new cryptocurrencies represent a 6.17 percent increase from the beginning to the end of the month; this equates to 33 assets being added every day for the next 31 days.

It's worth noting that the number of cryptocurrencies increased in tandem with the cryptocurrency market's growth in 2021.

On January 1, 2021, there were 8,153 crypto assets; as of December 31, there were 16,223 digital assets, indicating that 8,070 additional cryptos were added in 2021 alone, representing a 98.98 percent increase over the previous year and nearly doubling the original amount.

In the previous year, an average of 21 new cryptocurrencies were introduced to the market on a daily basis, implying that if the current average of 33 new cryptocurrencies is maintained, the number of new cryptocurrencies introduced in 2022 may exceed that of the previous year.

The global crypto market cap

Currently, the total market capitalization of the crypto market is $1.77 trillion, representing a 0.72% gain over the previous day.

Global crypto market cap 1-day chart. Source: CoinMarketCap

Despite the addition of over 1,000 new digital assets to the sector in less than a month, the market cap is significantly lower than the $2.26 trillion reached on December 31, and it is even lower than the $2.6 trillion market cap reached on October 25, when the total number of cryptocurrencies surpassed 13,000 for the first time.

Given that the vast majority of funds are concentrated in just the top 100 cryptocurrencies in terms of market capitalization, an increase in the number of crypto coins and tokens created does not always imply an increase in market capitalization.

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