How many new cryptocurrencies are created every day?

Answered at Nov 24, 2024

How Many New Cryptocurrencies Are Created Every Day?

The cryptocurrency market is expanding rapidly, with new tokens being launched at an unprecedented rate. As of early 2024, the number of new crypto tokens created has surpassed 540,000, averaging 5,300 new tokens per day (CoinGecko).

Growth Over the Years

  • 2021: The year ended with approximately 440,000 cryptocurrencies.
  • 2022: The number of cryptocurrencies exceeded one million for the first time, reaching 1.15 million by the end of the year, marking a 159.2% increase.
  • 2023: By the end of the year, the number of cryptocurrencies grew by 72.3% to 1.98 million.
  • 2024: As of now, the total number of cryptocurrencies has exceeded 2.52 million (CoinGecko).

Factors Influencing Token Creation

  1. Market Conditions: The number of new tokens issued in 2022 was relatively low at 710,000, reflecting weak market conditions. However, token creation activity rebounded in 2023 (CoinGecko).

  2. Memecoin Season: There has been a surge in new tokens during periods known as "memecoin seasons," where short-lived meme coins are created in large numbers.

  3. Real-World Asset Tokenization: The industry is increasingly looking to bring real-world assets on-chain, which could further drive the creation of new tokens.

Current Market Overview

  • Total Cryptocurrencies: Over 13,217 cryptocurrencies are currently available, with a total market value of $2.54 trillion (Demandsage).
  • Bitcoin's Dominance: Bitcoin holds a significant portion of the market, valued at around $682 billion, with a market share generally above 50% (Demandsage).

Why People Invest in Cryptocurrencies

  • Belief in Mission: 30% of investors are motivated by the mission and message behind cryptocurrencies.
  • Ease of Investment: Many find it easier to invest in cryptocurrencies compared to traditional methods (Demandsage).

Conclusion

The creation of new cryptocurrencies is a dynamic and rapidly evolving aspect of the financial landscape. With an average of 5,300 new tokens being launched daily in 2024, the market continues to grow and diversify. This trend reflects both the increasing interest in digital assets and the ongoing innovation within the blockchain space. As the industry evolves, the number of new tokens is expected to continue rising, driven by factors such as market conditions, memecoin seasons, and the tokenization of real-world assets.