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Crypto market booms, adds 3,531 new currencies in one year

Published By naija above | In World | Mar 11, 2021
Amajor financial boost befell the cryptocurrency market with more than 3,500 new crypto-currencies emerging in the last twelve months, a Crypto Parrot report on Wednesday indicated.

Data from the report showed a 67.94% growth from March 2020 when the figure was 5,197 crypto-currencies, to March 2021 when it made an additional 3,531 more, which all got included into the database of the coinmarketcap.com.

The outlet recalled the steady maturity of the sector as new digital assets took advantage of the available gains the blockchain technology provides.

It reported that: “As of March 2019, the number of cryptocurrencies was 2,106, a growth of 35.17% from 2018’s 1,558. In March 2017, there were 649 digital assets to represent a growth of 1,244.83% over the last five years compared to the current total of 8,728 assets.”

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On the recent boom of the crypto-currencies market, the outlet explained that “the significant growth of newly created digital assets in the last 12 months” was as a result of its correlation “with a period when the cryptocurrency sector was mostly bullish.”

The sector, led by bitcoin, despite the global economic challenges in 2020, was unwavering, as its success during the difficult period attracted entry from new institutions who invested their assets in the crypto market.

This investment of assets is gradually driving the sector to a potential global adoption, as “over the last 12 months, the increased adoption of cryptocurrencies ushered in a Decentralized Finance (DeFi) boom.”

In addition to this success story, new digital assets have sprang up, aided by cryptocurrency forks, as the report also disclosed that: “Historically, bitcoin forks have led to the creation of at least four cryptocurrencies.”

On the other hand, forked cryptocurrencies are also responsible for new assets. For example, Zcash led to Zclassic (ZCL), and then a twin fork between ZCL and bitcoin led to Bitcoin Private in 2018,” it added.

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