Important news in the blockchain industry: the crypto universe continues to grow with more than 1,000 new digital assets emerging on the market in just five months.
Furthermore, cryptocurrencies have made a significant comeback this year, with most of the major digital currencies experiencing double-digit price growth. See below for all the details.
Summary
Crypto world: novel opportunities and news for investors
As anticipated, 2023 saw a significant comeback for cryptocurrencies, with most of the major digital coins posting double-digit price growth.
As expected, this solid performance has sparked renewed optimism among investors and spurred a massive increase in the number of new cryptocurrencies available.
Specifically, according to data provided by AltIndex.com, more than 1,000 new cryptocurrencies have been launched on the market in the past five months, bringing the total to 9,708 in July.
Moreover, before the bearish period for cryptocurrencies in 2022, the number of cryptocurrencies was steadily growing. Indeed, according to data from Statista and Investing.com, the total number of cryptocurrencies increased 75-fold between 2013 and 2021, from just over 60 to over 4,500.
Not only that, after the cryptocurrency boom in 2021, the number of cryptocurrencies more than doubled, with the market adding about 1,000 new cryptocurrencies per month. In February 2022, the number reached an all-time high of nearly 10,400, although it has declined since then.
The bearish cryptocurrency period led to the removal of more than 1,700 digital coins from exchanges between February 2022 and February 2023, bringing the total to 8,685.
However, despite regulatory uncertainties and fluctuations in the cryptocurrency industry, the number of cryptocurrencies has increased significantly in the past five months.
With the addition of 1,023 new cryptocurrencies listed on the market, the total now reaches 9,708.
Which crypto assets account for 80% of the total market value?
Despite the significant increase in the number of digital coins available in the past five months, we see that only a few cryptocurrencies still make up the majority of the market value.
Indeed, data from CoinMarketCap shows that the world’s top five cryptocurrencies now account for 80.9% of the total cryptocurrency market capitalization, with a combined value of $981 billion.
The world’s largest and most expensive cryptocurrency, Bitcoin, accounts for 48.6% of the global cryptocurrency market capitalization, up from 41.6% five months ago.
Ethereum, on the other hand, accounts for an additional 19.1% of the total capitalization of the cryptocurrency market, nearly the same value as in February.
The next three cryptocurrencies by market capitalization, Tether, XRP and BNB, together account for 13.1% of the global cryptocurrency market value, with a combined market capitalization of $160.6 billion.
In addition, statistics show that Cardano, Dogecoin and Polygon have all seen significant declines in their market share since February, with the three cryptocurrencies now accounting for only 2.2% of the total cryptocurrency market capitalization.
Crypto legislation: Brian Armstrong to meet with House Democrats
CEO of Coinbase, Brian Armstrong, will meet privately with House of Representatives Democrats in Congress Wednesday morning as the cryptocurrency exchange is embroiled in a legal battle with the US Securities and Exchange Commission (SEC).
According to reports by Bloomberg on Monday, quoting Democratic assistants familiar with the matter, the meeting will be held with members of the New Democrat Coalition, a group of more than 100 Democrats committed to economic growth, innovation and responsible fiscal policies.
The meeting will cover a range of topics, including digital resource legislation and related issues such as taxes, national security, privacy and climate.
Recently, House and Senate lawmakers have introduced separate bills to provide clarity on cryptocurrency regulation, although the current division in Congress makes the outcome of these efforts uncertain.
On 6 June, as we know, the SEC accused Coinbase of violating federal securities laws. Coinbase responded by arguing that the SEC’s action violates due process and constitutes an abuse of discretion.
In addition, Coinbase’s shares surged more than 24% Thursday after a court granted Ripple, and by implication the entire cryptocurrency industry, a partial victory in a case against the SEC, ruling that Ripple’s XRP token is not considered a security.
