Number of cryptocurrencies surpass 22,000 milestone amid 2022 bear market

Although the cryptocurrency market has been under a lot of strain in 2022, influenced by unfavorable developments such as regulatory pressure, macroeconomic uncertainty, as well as platforms collapsing and going bankrupt, it nonetheless kept growing.

Specifically, as of December 11, the number of cryptocurrencies tracked by CoinMarketCap reached the 22,000 mark for the first time in history, while, at press time, this number stood at 22,032, according to the data retrieved on December 14.

The total number of digital assets, December 14, 2022. Source: CoinMarketCap

Since June 26, when Finbold last reported on the crypto market’s growth, the number of digital assets has increased by 10.15% or 2,030 new cryptocurrencies, considering the number of digital assets at that time stood at 20,002.

Crypto market growth in 2022

Comparing the most recent data with the situation on January 1, 2022, when there were 16,238 digital assets around, the crypto industry has become larger by 5,794 assets in 2022, which represents a growth of 35.68% over the year.

At the same time, despite the emergence of new digital assets, Bitcoin (BTC) has retained its dominance, its market capitalization accounting for 39.3% of the crypto market, followed by Ethereum (ETH) with 18.6% dominance.

Market cap drop vs. enthusiasm

That said, while the number of decentralized finance (DeFi) assets kept growing, the total market cap of the crypto sector has descended, dropping from $2.2 trillion on January 1 to $0.87 trillion at press time, a decline of 60.44% or $1.33 trillion since the year’s turn.

Total cryptocurrency market cap year-to-date (YTD). Source: CoinMarketCap

However, the market has no lack of enthusiasts and believers in a better crypto future, as demonstrated in CoinMarketCap’s end-of-the-year poll, in which more than 80% of pollsters expressed their view that 2023 will be bullish, as opposed to fewer than 17% of skeptics.

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