More than 1,000 new crypto coins have been listed in the market in the past five months, despite tighter regulations on crypto firms, bringing their total to 9,708 in July, a new report showed on Tuesday.
According to data presented by AltIndex.com, 1,023 new cryptocurrencies listed on the market since February.
The total number of cryptos increased 75 times between 2013 and 2021, from slightly more than 60 to more than 4,500, according to Statista and Investing.com data.
After the 2021 crypto boom, this figure more than doubled, with the market adding roughly 1,000 new cryptos per month.
They reached an all-time high of nearly 10,400 in February 2022, but it was all downhill from there.
The crypto winter resulted in one of the most significant drops in the number of available coins and tokens on the market, the report said.
As per a data, more than 1,700 digital coins were delisted from crypto exchanges between February 2022 and February 2023, bringing the total number to 8,685.
However, the number of cryptocurrencies significantly increased over the past five months, despite the regulatory twists and ups and downs in the crypto space.
The venture funding in the cryptocurrency space dropped further to $2.34 billion in the second quarter (Q2) globally amid a strict regulatory environment around various top-notch crypto exchanges.
It was the fifth consecutive quarter when crypto funding nosedived, according to a report in TechCrunch.
US regulators sued Binance and its CEO Changpeng Zhao last month for allegedly operating a "web of deception" and filed 13 charges in a federal court.
Binance was also ordered by Belgium's Financial Services and Markets Authority (FSMA) to immediately cease all offers of virtual currency services in the country.
Several crypto companies have filed for Chapter 11 bankruptcy in recent months like Genesis Global Trading (a subsidiary of the crypto conglomerate Digital Currency Group (DCG), FTX, BlockFi, Three Arrows Capital, Celsius Network and Voyager.