Tech

Nearly 4,900 New Cryptocurrencies Entered Market Since September 2020: Report

The pandemic hit the financial system actual arduous however one factor that has witnessed an unparalleled increase throughout the identical interval is cryptocurrencies. Bitcoin, the world’s greatest cryptocurrency token, crossed the $60,000-mark (roughly Rs. 42 lakhs) in April 2021, whereas Dogecoin, which began as a meme, has additionally captured everybody’s creativeness. Nonetheless, there’s extra to this story. A cursory look at knowledge reveals that it is not simply the worth of cryptocurrencies but additionally their numbers which have seen large development.

In response to a report on cryptopotato.com citing CoinMarketCap knowledge, there are greater than 12,000 crypto tokens out there for cryptocurrency fans to select from and put money into. To not overlook, the variety of firms accepting crypto tokens as a mode of fee can also be steadily, if not quickly, rising.  

Talking of the spike witnessed from September 2020 to September 2021, round 4,900 extra cryptocurrencies are actually obtainable in comparison with final 12 months. In September 2020, there have been roughly 7,100 cash out there. A 12 months later, that quantity has risen to over 12,000. There are two major causes for such large development in not simply the worth but additionally the amount of cryptocurrencies. 

The rising acceptance of crypto tokens amongst establishments and the Bitcoin increase have been instrumental in driving individuals and different stakeholders in direction of the market that now has a complete cap of over $2 trillion.

Amongst different causes, specialists see massive names resembling Tesla founder Elon Musk and Twitter boss Jack Dorsey’s endorsement of cryptocurrency as extraordinarily essential for instilling confidence.

The subsequent query for a lot of is whether or not the huge spike within the variety of these tokens is an effective factor. Extra tokens additionally correspond to a better chance of scams. Simply final month, cryptocurrencies value $22.2 million (roughly Rs. 165 crores) have been seized by the UK police after a worldwide fraud scheme was unearthed. Those who fell prey to the rip-off have been unfold the world over.

Cryptopotato additionally reported that over $25 million (roughly Rs. 184 crores) have been misplaced to crypto scams amongst Australians solely within the first half of 2021. 


Fascinated by cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital foreign money, not a authorized tender and topic to market dangers. The data offered within the article just isn’t meant to be and doesn’t represent monetary recommendation, buying and selling recommendation or every other recommendation or suggestion of any kind provided or endorsed by NDTV. NDTV shall not be answerable for any loss arising from any funding primarily based on any perceived suggestion, forecast or every other data contained within the article.

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