Over 3,500 new cryptocurrencies emerged in the last 12 months amid bullish 2020

Data analyzed by Crypto Parrot indicates that there were 3,531 new cryptocurrencies added to the Coinmarketcap.com database between March 2020 and March 2021. The number represents a growth of 67.94% from March last year when the figure stood at 5,197.

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.

Focus on new crypto usability in real world

The research focused on the next point of concern regarding the emergence of new digital assets. According to the research report:

“With new cryptocurrencies launching, the focus is now on their role in advancing the financial world. While some digital assets are created as speculative tools, others focus on mainstream adoption and seek solutions for real-world problems. However, only cryptocurrencies with a strong use case will potentially survive.”

Worth mentioning is that the record number of new cryptocurrencies tied with the general market rally led by Bitcoin. Therefore, a general assumption is that the new project aimed to reap from the Bitcoin rally.

Read the full story with statistics here: https://cryptoparrot.com/article/over-3-500-new-cryptocurrencies-emerged-in-the-last-12-months-amid-bullish-2020

Source: Crypto Parrot