The beginning of 2022 was not ideal for the cryptocurrency market but that did not stop many from creating new projects and exchanges.
According to CoinMarketCap data, on March 1 2022 there were 17,869 registered projects and 458 registered exchanges.
Today there are more than 18,636 projects and 491 crypto exchanges. That is an increase of more than 767 new projects and 33 new exchanges in one month.
CoinMarketCap does not list every project and exchange that is created. Instead, the requirements for a token to be added includes being listed on multiple cryptocurrency exchanges.
Exchanges also have requirements to be added to CoinMarketCap’s website. These requirements mean there are possibly a lot more projects that have been created but are only listed on a single decentralized exchange.
The growth of new projects shows the resilience of the cryptocurrency industry. The heavy downturn of the market in early 2022 did not slow the progress of new teams, developers and innovation being added to the market.
While a lot of these new projects being created are copies of existing projects, there is still a wave of new projects looking to decentralize another industry.
Unfortunately, a lot of newer projects have been scams or rug-pulls. Many communities in cryptocurrency work to detect bad projects and help others avoid losing money to scams. The recent push to hold influencers accountable will also reduce the number of non-viable projects from gaining traction and hype.
The number of exchanges continues to grow around the world as compliance laws are passed. These compliance laws are forcing some of the larger exchanges to move out of countries while newer exchanges are being built with a focus on local compliance and regulations. Newer exchanges however can suffer from a lack of liquidity as they build their user base.
Adoption and real-world utility are still in their infancy and many hope these new projects can help bring global adoption for digital currencies.
The expansion of crypto adoption will help grow the entire market. The current total market capitalization of cryptocurrencies has grown again to $2 trillion but still falls short of the previous high of $2.7 trillion.