Crypto developers seemed to be unaffected by the bearish momentum that has plagued the industry this year.
Rational thinking would suggest that the current situation of the cryptocurrency market would deter new participants from joining right now as they might risk feeling the full brunt of the space’s continued decline.
But recent data from CoinMarketCap would say otherwise, as 5,317 new digital currencies were launched this 2022.
This pushed the total number of assets being monitored by the most-referenced crypto price tracking website to 21,555 – 32% higher than the 16,238 tally back in January 1.
Such a development comes as a surprise as the crypto market plummeted so bad this year that its total market capitalization fell below $1 trillion in July. Over the last few days, however, that milestone territory was reclaimed through the collective rally of most, if not all, virtual currencies.
