More than 1,000 new cryptocurrencies have been created in the last month alone

1002. This is the number of cryptocurrencies that was generated only in the last month, recording a record increase in the number of available digital assets, as, as Coinmarketcap confirmed, the number of cryptocurrencies increased by 6.17% in the first month of this year alone. After last year’s unprecedented growth, we have seen an increase in the number of digital assets from 8,153 to 16,223, an increase of 98.98% in a single year. In other words, an average of 21 new cryptocurrencies were produced every day last year.

Although last year was a record year for a record number of new cryptocurrencies, if we see similar numbers for January throughout the year, 2022 will surpass the previous one. However, despite this unprecedented increase, the total market capitalization of all crypto assets is lower than in December, precisely because of the decline in the cryptocurrency Bitcoin, which always sets the direction for the entire market. Now, however, it’s time to start asking if it’s good that so many cryptocurrencies arise every day, as it can be confusing for many and not exactly trustworthy.